A mortgage loan where two or more borrowers are equally responsible for the debt and typically share ownership of the property. All parties are liable for the full amount of the loan, and the lender can pursue any or all borrowers for repayment.
From 'joint' (Latin 'junctus,' meaning joined) and 'mortgage' (from Old French 'mort gaige,' meaning dead pledge). Joint mortgages became common as dual-income households emerged and lenders sought multiple parties for security.
The scary truth about 'joint and several liability': if your co-borrower disappears, you're stuck with the entire mortgage! This isn't like splitting a restaurant bill—each person owes 100% of the debt, not just their 'share.' Divorcing couples learn this harsh reality when one spouse thinks they can walk away from 'half' the mortgage.
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