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
Property title having no encumbrances. In the usual sense this means a title not having a mortgage. Other encumbrances could include judgments or additional financial liens. ...
Listing of all of the plats of subdivided plots in a jurisdiction showing the location, boundaries, and plat owners. A plat book normally shows other improvements including roads, blocks, ...
The assessment in real estate definition means the evaluation of a property’s value by an assessor. They are generally required to evaluate the property annually as the assessment is ...
An order withdrawing a property lien after a claim is paid by other means. ...
To depreciate is to lose value for something. Depreciation is the act of losing worth.Connecting with real estate, Property depreciation can be both an accounting method typically used to ...
Demolition and removal of all existing structures on a building site and the subsequent construction of a totally new building structure. For example, in a downtown redevelopment project, ...
Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...
As the term “servient” comes from the root word “serve” and to serve means to perform a duty or a service for another entity, its meaning is easy to define. The term ...
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim. For example, a pro tanto settlement in an eminent domain action will not prejudice any ...
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