Statute requires that the lender attempt a restructuring of the loan obligations only where the restructuring ultimately proves less costly than foreclosure; borrower's inability to demonstrate means for a satisfactory repayment removed the requirement.
Under the statute, a lender must consider the restructuring plan's credibility and viability, and need not accept a plan that the counterparty can't perform.
Putting forward a credible plan for restructuring is a threshold requirement for challenging the lender's estimated foreclosure costs.