Tips From a Bank Attorney to Defaulted Borrowers on Working With A Bank Workout Officer
Knowing what to expect in any new business situation is vital. Surprises at Christmas and on birthdays are fine - in business, not so much. In the current economic downturn, many businesses with outstanding bank loans (and let’s face it - that’s most businesses) will find themselves in default of their loan documents and subsequently working with a bank “workout” officer - in many cases for the first time ever. This article offers tips from a bank attorney on what defaulted borrowers should expect in the early phases of the loan workout process and how to work with a bank workout officer to increase the chances for success in a workout situation.