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
Any property, tangible or otherwise, except real estate. For example, furniture or automobiles. ...
land that is adjacent to water such as a stream. ...
Revised specifications requiring a modification in work. ...
Residing in or using real estate. An example is a tenant in an office building. ...
Countless real estate disputes and financial disagreements occur in our world. At first, anybody could believe that genuineness, honesty, and integrity might have disappeared. However, the ...
Part of a capital gain constituting tax benefits previously taken and taxed as ordinary income. ...
Tax deduction for interest paid or accrued within the taxable year with respect to mortgage indebtedness. Interest is deductible on mortgages secured by principal and second homes. A ...
One's given name at birth including a first name, a possible middle name, and a surname. The legal name must be used to legally sign documents, deeds, or contracts. ...
Payment made instead of taxes, For example, a tax-exempt institution, such as a state government complex of buildings, may make an offsetting in lieu of tax contributory payment to the ...
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