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A type of ownership in which two or more people equally share ownership of a property
The most important feature of joint tenancy is the right of survivorship, which means that if one of the co-owners dies, the survivors automatically become the sole owners.
Compare: Tenancy in common
The final decision made by the court in a lawsuit
A money judgment is a lien placed against the property as payment for damages or claims that were presented in court. A creditor can also sue to put a lien against the home to repay a debt that has not been paid. A judgment can be partially or completely reversed on appeal.
A court decision that allows creditors to place a claim on a property to regain loss on an unpaid debt
Creditors can sue to have a lien placed on a home to guarantee repayment of a debt. Judgment liens do not become official until they are recorded.
See: Lien, Mechanic's lien
When a lender obtains a court order to sell a property in order to pay a mortgage in default
In the absence of a power of sale clause, the lender is required to take you to court to foreclose on your property. Judicial foreclosure varies, but in general, after the judgment is made, your home will be auctioned off to the highest bidder.
See: Deficiency judgment
Compare: Trustee's sale
Any loan that allows you to borrow more than the set amount according to Fannie Mae and Freddie Mac
Compare: Conforming loan