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A foreclosure specialist facilitates the process by which homes and commercial properties are reclaimed by banks and other lending institutions due to non-payment of mortgages. He may assist the homeowner, lender or new purchaser in the procedures or provide help to all three parties. Real estate companies and banks often employ foreclosure specialists. A person in this profession may also offer his services on an independent, contractual basis.
When a home or commercial property goes into foreclosure, the owner is often distraught and unaware of available options. A foreclosure specialist frequently contacts the owner to determine if the person is eligible for a restructured loan to save the property. He typically scrutinizes their mortgage payment history as well financial documents, such as bank statements and investment portfolios.
If he discovers a viable option for the homeowner, he usually assists in filing the necessary paperwork to refinance the house or commercial property. The specialist frequently accompanies the owner to the lending institution to monitor the conversation between the borrower and lender. He is generally expected to make sure the terms of the new financing are acceptable and realistic.
If the foreclosure must proceed, the specialist often continues to help the homeowner in getting through the upcoming processes with minimal anxiety. He frequently reviews documents related to the sale of the property. These typically include appraisals, liens, and inspection reports as well as business owner, homeowner and fire insurance policies.
In the event discrepancies are found in these documents, the foreclosure specialist often attempts to resolve them for the property owner. This customarily requires him to communicate with the lender, municipal courts, home inspection services and insurance companies. If possible, he resolves the issues with the help and permission of the owner.
Once the foreclosure proceedings are in motion, the specialist customarily tracks the progress of events. He generally ensures each stage of the procedures meets prescribed deadlines. Verification of signatures and the attachment of necessary addendums are commonly part of his job.
A person in this position is normally required to be well informed on banking industry rules and regulations. He is also ordinarily expected to be knowledgeable of local and regional government regulations regarding foreclosures. Proficiency in dealing with legal proceedings involved in foreclosures is generally considered an asset for a specialist in this field.
The majority of foreclosure specialist positions require a minimum of an associate’s degree along with completed coursework in real estate, lending practices and foreclosure law. Three to five years experience in foreclosure administration, banking, lending or real estate is preferred. Excellent communication skills with a wide range of personality types are considered an asset for these job applicants.