Description
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.
Duties
The duties of a foreclosure specialist include, but are not limited to:
- Meeting with homeowners who have fallen behind on their payments to discuss options for avoiding foreclosure
- Handling all aspects of a foreclosure sale, including advertising the property, accepting bids from potential buyers, and ensuring that all legal requirements are met during the process
- Maintaining contact with lenders to notify them of the status of cases and notify them of potentially fraudulent activity
- Communicating with borrowers to explain the foreclosure process and provide information about loan modification options
- Coordinating with title companies and attorneys to ensure that legal requirements are met throughout the process
- Reviewing loan documents to ensure that they are complete and complying with applicable laws
- Providing advice and counseling to homeowners who are having trouble making their monthly payments
- Working with homeowners to develop repayment plans based on current income levels
- Assisting in post-sale administrative tasks such as distributing proceeds from the sale of the property to creditors
Other titles
The following job titles also refer to foreclosure specialist:
bankruptcy managers
foreclosure consultant
foreclosure coordinator
foreclosure manager
bankruptcy coordinators
bankruptcy coordinator
foreclosure coordinators
foreclosure consultants
foreclosure managers
bankruptcy manager
foreclosure specialists
Working conditions
Foreclosure specialists work in a fast-paced, high-pressure environment. They typically work long hours, including evenings and weekends, to meet deadlines. They also may travel to attend foreclosure auctions or to meet with clients.
Foreclosure specialists must be able to handle a large caseload and work well under pressure. They must be detail-oriented and have strong research and writing skills.
Minimum qualifications
Landing foreclosure specialist work requires at least a high school diploma and two to four years of related experience. Most foreclosure-specialist positions require at least an associate degree, along with completed coursework in real estate, lending practices and foreclosure law.
ISCO skill level
ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:
- the nature of the work performed in an occupation in relation to the characteristic tasks and duties
- the level of formal education required for competent performance of the tasks and duties involved and
- the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.
Foreclosure specialist is a Skill level 3 occupation.
Foreclosure specialist career path
Similar occupations
These occupations, although different, require a lot of knowledge and skills similar to foreclosure specialist.
mortgage loan underwriter
title closer
mortgage broker
loan officer
real estate surveyor
Long term prospects
These occupations require some skills and knowledge of foreclosure specialist. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of foreclosure specialist with a significant experience and/or extensive training.
bankruptcy trustee
actuarial consultant
personal trust officer
insurance rating analyst
financial planner
Essential knowledge and skills
Essential knowledge
This knowledge should be acquired through learning to fulfill the role of foreclosure specialist.
- Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
- Foreclosure: 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.
- Mortgage loans: The financial system of acquiring money by property owners or prospective property owners, in which the loan is secured on the property itself so that the property can be repossessed by the lender in the absence of payments due by the borrower.
- Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.
Essential skills and competences
These skills are necessary for the role of foreclosure specialist.
- Collect property financial information: Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property’s value.
- Analyse loans: Examine and analyse the loans provided to organisations and individuals through different forms of credit such as overdraft protection, export packing credit, term loan, and purchase of commercial bills.
- Protect client interests: Protect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.
- Assess debtor’s financial situation: Assess the defaulter’s pecuniary circumstances by evaluating the personal income and expenses, and the balance sheet which includes the value of the house, bank account, car and other assets.
- Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
- Examine mortgage loan documents: Examine documents from mortgage borrowers or from financial institutions, such as banks or credit unions, relating to a loan secured on a property in order to examine the payment history of the loan, the financial state of the bank or borrower, and other relevant information in order to assess the further course of action.
- Communicate with banking professionals: Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
- Provide support in financial calculation: Provide colleagues, clients or other parties with financial support for complex files or calculations.
- Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
- Analyse financial risk: Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
- Handle financial disputes: Handle disputes between individuals or organisations, either public or corporate, which deal with financial matters, accounts, and taxation.
Optional knowledge and skills
Optional knowledge
This knowledge is sometimes, but not always, required for the role of foreclosure specialist. However, mastering this knowledge allows you to have more opportunities for career development.
- Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
- Insolvency law: The legal rules regulating the incapacity to pay debts when they fall due.
- Debt systems: The processes needed to obtain goods or services before payment and when a sum of money is owed or overdue.
- Repossession: The procedures and legislation dealing with the confiscation of goods or property when a debt cannot be repaid.
Optional skills and competences
These skills and competences are sometimes, but not always, required for the role of foreclosure specialist. However, mastering these skills and competences allows you to have more opportunities for career development.
- Apply conflict management: Take ownership of the handling of all complaints and disputes showing empathy and understanding to achieve resolution. To be fully aware of all Social Responsibility protocols and procedures, and to be able to deal with a problem gambling situation in a professional manner with maturity and empathy.
- Interview bank loanees: Perform interviews with candidates requesting a bank loan for different purposes. Pose questions in order to test the goodwill and the financial means of candidates for paying back the loan.
- Advise on property value: Provide advise to those that own a property, professionals in real estate, or prospective clients in real estate on the current monetary value of a property, the potential of development in order to increase the value, and other relevant information concerning the value of the in the future developments of the real estate market.
- Provide information on properties: Provide information on the positive and negative aspects of a property and the practicalities concerning any financial transactions or insurance procedures; such as location, composition of the property, renovation or repair needs, the cost of the property and the costs related to insurance.
- Advise on conflict management: Advise private or public organisations on monitoring possible conflict risk and development, and on conflict resolution methods specific to the identified conflicts.
- Perform debt investigation: Use research techniques and tracing strategies to identify overdue payment arrangements and address them
- Value properties: Examine and evaluate land and buildings in order to make valuations about their price.
- Compare property values: Obtain information on the value of properties comparable to a property which is in need of valuation in order to make more accurate appraisals and assessments, or to set or negotiate the price at which the property can be sold or leased.
- Consult credit score: Analyse the credit files of an individual, such as credit reports which outlines a person’s credit history, in order to assess their creditworthiness and all the risks that would be involved in granting a person a loan.
- Perform property market research: Research properties in order to assess their usefulness for real estate activities, using various methods such as media research and visitation of properties, and identify the potential profitability in the development and trading of the property.
ISCO group and title
3315 – Valuers and loss assessors
References
- Foreclosure specialist – ESCO
- Foreclosure Specialist Job Description: Salary, Duties, & More – Climb the Ladder
- Foreclosure Specialist Job Description – Chron
- Featured image: By Casey Serin – https://www.flickr.com/photos/sercasey/404294597/in/photostream, CC BY 2.0