Definition of "Workout"
- Trying to resolve a problem between two individuals up with some compromise or common ground. It occurs more often during times of poor economic conditions. An example is a creditor offering an accommodation to a borrower to avoid a bankruptcy situation.
- A debt which is in default but which the creditor allows the debtor to rectify by lengthening the time period of the loan, reducing the interest rate, or some other accommodation. An example is a bank that elects not to foreclosure on a mortgage because of the homeowner's nonpayment, but agrees to stretch out the payments.
Popular Real Estate Terms
Ambiguous contractual language that may result in an unsuspecting buyer of a real property incurring obligations or risks not clearly evident. ...
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Maximum credit a prospective buyer may be given. An example is the maximum mortgage a prospective home buyer may receive from the bank. ...
Roof with one side that is at a sloped angle. ...
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One who purchases an option. For example, John pays Brian $10,000 for an option to purchase property at $100,000 within six months. ...
Form of zoning regulation permitting all the uses permitted in more restrictive zoning to also apply to less restrictive zoning. The net affect of pyramid zoning is to pyramid only a few ...
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