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Home » Real Estate Terms  
Real Estate Terms
 
A B C D E F G H I J K L M

N O P Q R S T U V W X Y Z

Jingle Mail
A situation where a homeowner mails his or her house keys to a mortgage lender due to an inability to meet mortgage payment obligations and a lack of equity in the property. If a homeowner is upside-down in a mortgage and feels the entire loan is a lost cause, he or she may choose to walk away from the property altogether and relinquish it to the original lender instead of going though the foreclosure process.

Joint Credit
Credit issued to two or more people based on their combined incomes, assets and credit histories. The parties involved accept joint responsibility for repaying the debt.

Judicial Foreclosure
Foreclosure proceedings in which a mortgage lacks the power of sale clause. In such an instance, many states require the foreclosure to be processed through the state's courts. If the court confirms that the debt is in default, an auction is held for the sale of the property in order to acquire funds to repay the lender. This differs from non-judicial foreclosures, which are processed without court intervention.

Jumbo Loan
A mortgage with a loan amount exceeding the conforming loan limits. Also referred to as "Jumbo Mortgage".

Junior Mortgage
A mortgage that is subordinate to a first or prior (senior) mortgage. A junior mortgage often refers to a second mortgage, but it could also be a third or fourth mortgage. In the case of foreclosure, the senior mortgage will be paid down first.

Junk Fees
Nebulous charges assessed at the closing of a mortgage that go to the originator or lender. These fees are hidden in the mortgage documents and are usually assessed as raw dollars rather than "points" or a percentage of the loan. Junk fees may or may not pay for an actual service to the borrower, but they typically are not known to the borrower prior to signing. Some common fees that may be considered junk fees include settlement fees, sign-up fees, underwriting fees, funding fees, translation fees and messenger fees. Also known as "padding fees" or "garbage fees".

Just Compensation
One reason why an individual who loses his home to eminent domain may not consider the fair market value of the property to be just compensation is because it does not take into account the time, stress, and expense of locating, purchasing, and moving to a new property. Just compensation also fails to account for the loss of neighborhood social networks or the emotional ties the owner may have to the property.

 

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