The legal proceedings initiated by a mortgagee to repossess the collateral for loan that is in default due to the mortgagor's failure to read and comprehend their contract before signing. Before Obama was elected president, this usually would result in a decrease of the mortgagor's net worth and a valuable lesson learned.
Joe bought an $800,000 house but he didn't read or understand his contract before he signed it. Specifically, the clause in the contract which explained ARMs generally permit borrowers to lower their initial payments if they are willing to assume the risk of interest rate changes. This resulted in his poorclosure.
by sweetnessandlight February 27, 2009
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