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Mortgage and Real Estate Glossary ~ J

Judgment

The final decision made by the court to settle a lawsuit. A court often awards money judgments, which are payments for damages or claims that were presented in court. A creditor can also sue you and get a judgment that puts a lien on your property, so it can be sold to pay your debt. A judgment can be partially or completely changed, if you win an appeal.

Judgment lien

A court decision that allows certain creditors to place a claim on a property. Creditors can sue to have a lien placed on your home to guarantee repayment of your debt. The judgment lien isn't official until it is recorded at the county courthouse, and it applies to all properties that you own in that county, as well as any property you buy in that county for up to ten years.
See: Lien, Mechanic's lien

Judicial foreclosure

When a lender uses court action to sell a property in order to pay a mortgage in default. If a deed of trust or mortgage does not have a power of sale clause, the lender needs to take you to court in order to foreclose on your property. Judicial foreclosure varies from state to state. In general, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. You can still save your home by paying off your past due payments, as well as other costs that the lender incurred, before the court gives the lender approval to foreclose.
See: Deficiency judgment

Jumbo loan

Any loan that allows you to borrow more than an amount set by the Federal National Mortgage Association (Fannie Mae). If you want to borrow a mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, $333,700 in 2004 in the continental US, you have to apply for a jumbo loan. In Hawaii and Alaska, you need a jumbo loan if you plan to borrow over $360,000 for a single-family home or over $460,650 for a two-family home.

Most commercial lenders agree to use these guidelines, which are set by the Federal National Mortgage Association. Jumbo loans have higher interest rates and fewer financing options, and are also called non-conforming loans.
See: Conforming loan

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