Workout

Definition

  • Mortgage Workouts are where the basic conditions, such as interest rate, term, and monthly payment amounts, of the mortgage contract or agreement are altered to prevent a foreclosure. This is not a typical practice in Canada.

Synonyms
compromise, negotiate, deal, barter, dicker

Related Terms and Acronyms

  • Debt Consolidation Definition,
    • 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.
  • Foreclosure Definition,
    • 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.
  • Lender Definition,
    • The bank or mortgage company offering the loan.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
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