Property of a defaulted borrower is sold under court order and the amount received is ratified by the Court.
Jumbo loan
Loans exceeding the limits set by Fannie Mae and Freddie Mac. The current limit for a single-family home is $252,700 except in Hawaii, Alaska and the Virgin Islands where it is $360,000.
Jumbo mortgage
A mortgage which is larger than the legislated purchase limits of Fannie Mae and Freddie Mac.
Jumbo utility brick
4 x 4 x 12 inch brick.
Jumper
A short wire to close a break in or cut out part of a circuit or to make a temporary electrical connection.
Junction
A region of transition between semiconductor layers, such as a p/n junction, which goes from a region that has a high concentration of acceptors (p-type) to one that has a high concentration of donors (n-type).
Junction box
Utility area where incoming current is connected in an electrical appliance.
Junior beam
A secondary, smaller structural piece which is used to brace or transfer a load between two other structural pieces.
Junior lien
A lien that is subordinate to a senior lien and cannot be satisfied until the senior lien is paid.
Junior mortgage
Loan that is subordinate to the primary loan and cannot be satisfied until the primary loan is paid.
