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

• 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.

• 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.

• 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

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• Handle financial disputes

  Handle disputes between individuals or organisations, either public or corporate, which deal with financial matters, accounts, and taxation.

• 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.

Optional knowledge and skills

Source: Sisyphus ODB