Workout Assumption

Definition of "Workout Assumption"

Carlos Rodriguez

Carlos Rodriguez Loyal Vets, Inc.

The assumption of a mortgage, with permission of the lender, from a borrower unable to continue making the payments.

Have a question or comment? We're here to help.

Search Real Estate Terms

Popular Real Estate Terms

Payment Problems

When a borrower has difficulty making the scheduled payment. Position of the Lender: A good place to start is by understanding the position of the l ...

Interest Rate Index

The specific interest rate series to which the interest rate on an ARM is tied, such as 'Treasury Constant Maturities, One-Year,' or 'Eleventh Distric ...

Appraiser

A professional with knowledge of real estate markets and skilled in the practice of appraisal. When a property is appraised in connection with a loan, ...

100% Loan

A loan with no down payment. ...

Acceleration Clause

Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender th ...

Simple Interest Biweekly Mortgage

A biweekly mortgage on which biweekly payments are applied to the balance every two weeks, rather than monthly, as on a conventional biweekly. ...

Popular Real Estate FAQ

What Is A Basic Policy?

A basic policy is a homeowners insurance policy that covers certain perils. ...

What Is A Cap?

A limit on an adjustable-rate mortgage. ...

What Is Hazard Insurance?

Hazard insurance is insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. ...

What Is A Commitment Letter?

A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which the lender has agreed to the loan. ...

What Is The Difference Between Being Prequalified And Preapproved For A Loan?

The difference between being prequalified and preapproved is simple: If you\'re prequalified it means that you POTENTIALLY could get a loan for the ...

What Happens When You Prequalify?

When you are prequalified, the lender gives you an estimate but does not formally commit to giving you a loan. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Down Payment: Everything You Wanted to Know Luxury Real Estate Forecast Furnished Rental Tips for Real Estate Investors How to Buy a House Quickly What is a Credit Score and How Does it Impact Real Estate?

FAQ

What is a broker? What does FSBO mean? What is a mortgage? How Much Income Do I Need ? What Will My ARM Loan Payment Be ?