Joint and Several Liability
A creditor can demand full repayment from any and all of those who have borrowed, each borrower is liable for the full debt, not just the prorated share.
Ownership of realty by two or more persons, each of whom has an undivided interest.
An agreement between two or more persons who invest in a single business or property.
A decree of a court stating that one individual is indebted to another and fixing the amount of the indebtedness.
One who has received a court decree or judgment for money due from a debtor.
The claim upon the property of a debtor resulting from recording a judgment.
Having a defaulted debtor’s property sold where the court ratifies the price paid.
A loan larger than the maximum allowed by conforming loans. The threshold amount has traditionally been adjusted more or less on an annual basis and has been in the low $200,000’s. Banks and mortgage brokers can quote the current threshold. They are typically available at interest rates slightly higher than those of conforming loans and typically require the same underwriting standards as conforming loans. (see definition of “conforming loan” above).
A mortgage whose claim against the property will be satisfied only after prior mortgages have been repaid.