In a work out, you go to your lender and try to work out a deal such as modifying your mortgage, lowering your interest rate, etc. You’re taking the existing agreement and working with the lender to create a win-win situation for both parties. A refinance is when you go into the marketplace and look for a new way to pay off that existing debt. It may be with the same company, but it’s usually with a third party lender. Get the details in the video.