A loan that exceeds the maximum loan amount allowed by the most common mortgage investors. The cost of obtaining a jumbo mortgage is generally higher than the cost of obtaining a conforming mortgage. Also known as a non-conforming loan.
Type of foreclosure proceeding used in some mortgage states that is handled like a civil lawsuit and conducted entirely under the direction of a court.
A lien on the property of a debtor resulting from a judgment.
Judgment Search Fee
A fee charged by a title company to search the public record for judgments filed against a property owner or borrower that could ultimately encumber the title of the property. For our comparison purposes, a judgment search fee is considered to be a third party fee. Some lenders will include this fee in the title insurance cost.
An agreement between two or more parties who invest in a property or business.
A form of co-ownership that gives each tenant equal undivided interest and equal rights in the property, including the right of survivorship.
Joint and Several Liability
A situation whereby a creditor can demand full repayment from any and all borrowers. Each borrower is liable for the full debt, not just the prorated share.
A credit account held by two or more people so that all can use the account and all assume legal responsibility to repay.