JUST COMPENSATION Compensation that is fair to both the owner and the public when property is taken for public use through condemnation (eminent domain).
JUMBO LOAN A mortgage loan for an amount greater than the limits set by Fannie Mae and Freddie Mac. Often called non-conforming loans. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
JUDICIAL FORECLOSURE A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.
JOINT TENANCY A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in…