Poorclosure

What is Poorclosure?


1.

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.

See mortgage, house


25

Random Words:

1. An elongated parody of the popular internet exclamation "Lmao", or "Laughing my ass off". Christie9897: LOL! Flitt..
1. 1992. Used by awesome rapper/indie-er M.I.A. on her recent album "Kala." This is how we do in XR2. MTV had a.d.d. See electr..
1. (noun) an old man. An elderly male particularly containing excessive wrinkles. The zizzy was like 500 years old! (when he was a baby)...