Glossary

An element of risk or danger.

A credit account held by two or more people so that all can use the account and all assume legal responsibility to repay.

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 form of co-ownership that gives each tenant equal undivided interest and equal rights in the property, including the right of survivorship.

An agreement between two or more parties who invest in a property or business.

A decree made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

A lien on the property of a debtor resulting from a judgment.

A fee charged by a title company to search the public record for judgements filed against a property owner or borrower that could ultimately encumber the title of the property. For our comparison purposes, a judgement search fee is considered to be a third party fee. Some lenders will include this fee in the title insurance cost.

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 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.