Glossary

Peril, danger or risk. For example, property pledged as security for a delinquent loan is in jeopardy of foreclosure.

Ownership of realty by two or more persons, each of whom has an undivided interest with the right of survivorship. For example, A and B own land in joint tenancy. Each owns half of the entire (undivided) property. Upon A’s death, B will own the entire property and vice versa.

A court decree stating that one individual is indebted to another and fixing the amount of the indebtedness. A judgment is a final determination of the matter, decided by a court.

One who has received court decree or judgment for money due from the judgment debtor.

One against whom a judgment has been issued by a court for money owed to the judgment creditor.

The claim upon the property of a debtor resulting from a judgment. For example, A will not pay his debt to B. After establishing the debt in court, B may be allowed by the court to put a lien on A’s real estate.

Transfer of ownership on a property by a court because of default on a debt.

A lien that will be paid after earlier liens have been paid.

A mortgage whose claim against the property will be satisfied only after prior mortgages have been sold. A junior (second, third) mortgage has value as long as the borrower continues payments or the property’s value is in excess of the mortgage debts provided the junior mortgage qualifies under any homestead laws.