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, dicker, barter, negotiate, deal
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.
