To buy a ranch house, Frieda obtains a mortgage loan from Grove Loans LLC. Later, Frieda informs Grove that she may default on the payments. The lender agrees to delay taking possession of the property and selling it. The parties negotiate a payment plan for the amount due on the loan. This is

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A workout agreement is a negotiated plan between a borrower and lender to restructure the borrower's debt obligations, often involving new payment terms to avoid default or foreclosure.

To Buy a Ranch House, Frieda Obtains a Mortgage Loan