Description
The legal system surrounding the recovery of a loan or debt which a debtor or borrower has not completed the payments of and of which payments have been neglected by enforcing the sale of assets which were used as collateral for the loan.
Alternative labels
mortgage foreclosure
foreclosure proceedings
legal enforcement
distraint
market foreclosure
foreclosures
Skill type
knowledge
Skill reusability level
sector-specific
Relationships with occupations
Essential knowledge
Foreclosure is an essential knowledge of the following occupations:
Foreclosure specialist: Foreclosure specialists revise documentation related to properties that are under foreclosure. They assist clients whose property has been reclaimed by banks due to non-payment of their mortgage by assessing the owner’s possibilities for saving the property.
Optional knowledge
Foreclosure is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.
Mortgage broker: Mortgage brokers handle mortgage loan applications from clients, collect loan documentation and search for new mortgage lending opportunities. They complete and close mortgage loan processes for their clients.
Loan officer: Loan officers assess and authorise the approval of loan applications for individuals and businesses. They ensure complete transactions between loan organisations, borrowers, and sellers. Loan officers are specialists in consumer, mortgage, or commercial lending.
Mortgage loan underwriter: Mortgage loan underwriters ensure compliance with underwriter guidelines. They participate in the implementation of new underwriting guidelines. They also review closed and denied loans.
References
- Foreclosure – ESCO
