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|Joint and Several Liability||
Under this liability, a creditor may demand full repayment from any and all of the borrowing parties. Every borrower is liable for the full amount of the debt, not just the prorated share.
Ownership of realty by two or more persons, who both have an undivided interest in the property.
An agreement between two persons or more who are investing in a single property or business.
A court decree that states that a certain individual is indebted to another. The judgment fixes the amount of the indebtedness.
A person who has received a court decree or judgment for some sum of money that is due from a debtor.
A claim upon a debtor’s property that results from recording a judgment.
A defaulted debtor's property is sold at a court-ratified price.
A loan that is larger than the maximum amount allowed by conforming loans. The threshold amount has traditionally been adjusted on an annual basis, more or less, and has generally remained in the low $200,000's. The current threshold can be quoted by banks and mortgage bankers. Jumbo loans are typically available at interest rates slightly higher than those of conforming loans and usually require the same underwriting standards as conforming loans. (See definition of "conforming loan" above.)
A mortgage whose claim against the property will be satisfied only after all prior mortgages on the property are repaid.