Glossary in Letter J

Jack plane
A jack plane is the general-purpose bench plane, used by wood workers for general smoothing of the edges and sizing of wood.
Jalousie window
A shutter or window covering, which consists of a set of parallel angled slats. These slats can be opened variously so as to control the amount of air or light allowed to pass through.
Jamb
A surface that lines an opening for a door.
Jeopardy
To have one's property or liberty subjected to a possibly adverse decree of a court or agency.
Joint liability
The responsibility of two or more people to fulfill the terms of a home loan or debt.
Joint tenancy
Ownership by two or more people that gives equal shares of a piece of property. Rights pass to the surviving owner or owners.
Joist
Joist is one of the horizontal supporting members that run from wall to wall, wall to beam or beam to beam, to support a ceiling, roof (or floor). It may be made of wood, steel or concrete. Typically a beam is bigger than a joist and thus is distinguished from a joist. Joists will often be supported by beams. Joists support the sub-floor (floor deck) directly.
Judgment
The decision of a court or law, if a court were to decide that a person must repay a debt, a lien may be placed against that person’s property.
Judicial
A process through which involves the courts and the judicial process often in a litigation. A foreclosure action in court involves judicial action.
Judicial foreclosure
A procedure to handle foreclosure proceedings as civil matters.
Jumbo loan
A mortgage with a loan amount above the industry standard definition of conventional conforming loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. Loans above the conforming limits may be offered by seller services of these wholesale institutions as well as Wall Street conduits that provide warehouse financing for mortgage lenders.
Junior Lienholder
A holder of a right to force the sale of property that is inferior and subordinate to another lienholder's right to do the same. A junior lienholder who forces the sale of the real estate must either pay off the senior lien or make arrangements to make payments on it to prevent it from being foreclosed. The foreclosure of a first lien destroys the right of a junior lienholder to foreclose, but the foreclosure of a junior lien does not affect the right of a senior lien to foreclose.
Junior mortgage
A loan that is subordinate to the primary loan.