Profession 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.

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Personality Type

  • Conventional / Enterprising
  • Conventional / Realistic
  • Enterprising / Conventional

Knowledge

  • 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.

  • 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.

  • 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.

  • 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.

Skills

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Obtain financial information

    Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.

  • Provide support in financial calculation

    Provide colleagues, clients or other parties with financial support for complex files or calculations.

  • 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.

  • 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

perform property market research repossession consult credit score banking activities compare property values perform debt investigation value properties interview bank loanees provide information on properties advise on conflict management apply conflict management insolvency law debt systems advise on property value

Common job titles

  • Foreclosure specialist 3, 4, or 5
  • Foreclosure claims specialist
  • Foreclosure specialist ii
  • Post foreclosure specialist i
  • Foreclosure specialist
  • Foreclosure specialist iv
  • Foreclosure specialist i
  • Foreclosure/bankruptcy specialist
  • Servicing oversite specialist