Restructured Loan

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • workout
  • loan restructuring

Definition of Restructured Loan

  1. A mortgage in which basic terms -- such as interest rate, term and monthly payment -- are altered or restructured to prevent foreclosure on the property. This is not a regular practice in Canada.

Related Terms and Acronyms

  • Foreclosure Bank,
    • The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
  • Delinquent Mortgage Definition, Important,
    • A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • Forbearance Bank,
    • Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
  • Delinquency Bank,
    • Failure to make mortgage payments when mortgage payments are due.
  • Default Bank,
    • When a borrower fails to fulfill the obligations of a loan or lease.
  • Refinance Bank,
    • To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
  • Debt Consolidation Bank,
    • The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
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