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Houston Mortgage > Glossary >
Mortgage > J 1-10
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Jingle mail
Some homeowners who they fall behind in mortgage payments don't resist foreclosure and don't wait to be evicted. Instead, they move out, drop the house keys into an envelope and mail it to the servicer. This is known as "jingle mail." Maybe some jingle mailers believe they're preventing foreclosure, but they're not. The lender goes ahead and forecloses on the property, and it goes on the borrower's credit record as a foreclosure.
Joint credit
Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.
Joint liability
The responsibility of two or more people to repay a debt.
Joint Petition
One bankruptcy petition filed by a husband and wife together.
Joint tenancy
Ownership by two people (usually spouses) in which each person owns an undivided interest in the entire property. When one joint tenant dies, the other has title to the entire property.
Judicial foreclosure
A court judgment ordering that a property be sold to repay a debt.
Jumbo mortgage
A jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae, Freddie Mac and Ginnie Mae, the agencies that purchase, bundle and re-sell mortgages to investors. A jumbo mortgage will carry a slightly higher interest rate than a conventional (conforming) mortgage. In 2006, a jumbo mortgage for a single-family home is one that is larger than $417,000 in the 48 contiguous states and $625,500 in Alaska, Hawaii, Guam and the U.S. Virgin Islands. The 2006 jumbo mortgage amounts for multifamily homes are: $533,850 or more for two-family homes; $645,300 or more for three-family homes; $801,950 or more for four-family homes.
Junior mortgage
A home loan than is subordinate to the primary loan, or first mortgage.
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