loan workout -- a series of steps taken by a lender with a borrower to resolve the problem of delinquent loan payments. Steps can include rescheduling loan payments into lower installments over a longer period of time so that the entire outstanding principal is eventually repaid.
James Cooper spent 20 years in commercial banking, including 10 years as Vice President at a major national bank. He now dedicates his expertise to helping consumers understand banking products, optimize their credit scores, and make informed decisions about loans and mortgages. James holds an MBA in Finance from the University of Michigan and is passionate about financial literacy.