Workout Assumption

Definition of "Workout Assumption"

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

Search Real Estate Glossary

Related Real Estate Glossary terms

Life Tenant

The grantee who is the tenant of a life estate. When the tenant dies, the estate goes back to the gr ...

Workers Compensation, Coverage B

Coverage under a commercial workers compensation policy for situations in which an employee not cove ...

Due-on-sale Clause

Provision allowing the lender to require full payment of the mortgage when the initial buyer resells ...

Renewal Premium

Payment due on the renewal of an insurance policy. The premium may be adjusted up or down to reflect ...

Market Comparison Approach

Method of appraising real estate based on the market comparison of neighboring properties having sim ...

Adjoining Owners

Property owners whose property touches a common property. Adjoining owners have a legal right to be ...

Related Real Estate FAQ

What Type Of Life Insurance Is Right For Me?

A life insurance policy can help enable your family to remain financially if you or your spouse shou ...

What Is Cooperative?

Cooperative is a form of home ownership in which you own shares in a corporation. In return for the ...

What Is Flood Insurance?

Flood insurance is insurance that compensates for the physical property damage resulting from rising ...

What Is A Lifetime Rate Cap?

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest ra ...

What Is A Proration?

A proration is the division of certain fees. If the sellers have paid the taxes six months in advanc ...

What Is The APR For This ARM Loan?

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input par ...

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

Agents join here

Add our widget on your Website

Real Estate Advice

10 Tips for Homebuyers How to become a real estate agent What is the Best Time of Year to Buy a Home? Foreclosure - The Pros and Cons of Buying How To Sell Your Home

FAQ

What does a back-end ratio mean? What is a mortgagee? What is a contingency? What is a rate lock? I dont know the zip code of my areas. How do I find an agent that is right for me in my area.