Foreclosure Specialist Job Description

A Licensing Lawyer for Foreclosure

A mortgage company, bank or other creditor is trying to get a property owner to pay off a debt. Lawyers specializing in foreclosures can help property owners understand their options and carry out applicable options. Depending on the firm, foreclosure lawyers may also represent banks who are taking legal action against a client with delinquent payments.

A foreclosure attorney needs to have the skills and knowledge to work well with clients, as well as have the customer service skills needed. A lawyer for the homeowner must stop the foreclosure process so that the client can keep their home. A lawyer is acting for the lender.

You need to be licensed in the state you plan to work in. Being admitted to the bar is the licensing process. You need to pass the bar examination and provide proof your graduation from an accredited school of law to be accepted into a law school.

Loss Mitigation Specialist: A Field Study in Real Estate and Mortgage Management

Loss mitigation reduces economic damages for debt holders. Financial institutions hire specialists to work on their behalf, but there is a growing industry of independent specialists who work with homeowners at risk of foreclosure. You should have a background in financial services to work as a loss mitigation specialist.

State-issued licenses for real estate or mortgage management may be required depending on the type of debt being addressed. Loss mitigation specialists have a degree in business. Independent loss mitigation has become a crowded industry due to the rise of residential foreclosures.

As a contracted specialist, your primary interest is to minimize the debtor's loss. To identify your clients, conduct research at local courthouses to find real estate that is pending foreclosure and contact the homeowner directly to offer assistance. Some specialists work with banks to modify the loan on behalf of the debtor, while others convince the homeowner to sell the property in order to avoid losing it.

Your work can help homeowners to stay in their houses and protect their credit ratings from foreclosure. The industry of unethical practices increased as loss mitigation became more popular. Some specialists use their positions to get houses that are far below their worth.

Others have accepted payment for services without a modification. State and local governments have put in place stricter laws to regulate the industry. Loan managers are required to be licensed mortgage brokers in Texas, but the amount of advanced fees is very limited.

The Three Steps to Foreclosure in the United States

The mortgage holder can initiate foreclosure at a time specified in the mortgage documents, typically some time after a default condition occurs. There are several types of foreclosures in the United States and other countries. Two of them are used in the US, but other modes are possible in a few other U.S. states.

Common law describes two types of foreclosures in the United States. The noteholder uses a "deed in lieu of foreclosure" to claim the title and possession of the property back in full satisfaction of the debt. A debtor can challenge the validity of the debt in a claim against the bank to stop the foreclosure and also seek damages.

The lender has to prove they have standing to take over the property. The maxim of equity principle that "he who seeks equity must first do equity" is the basis of the "tender" condition precedent imposed by several U.S. states. The principal of the mortgage may be more than 80% of the value of the property, which may make it necessary for the mortgager to pay for Private Mortgage Insurance.

In most cases, the lender gets back some of the loan value from either the foreclosure auction proceeds or the combination of those. New Zealand has a law prohibiting foreclosures for over a century. The mortgagee realises the security through sale, and the power of sale is regulated by statute.

The law of guarantee and law of property right are the only things that allow strict judicial foreclosure in the People's Republic of China. There are three steps to foreclosure in Canada. The owner of the property is behind on mortgage payments but still has full control.

Foreclosure Specialists: Experience and Qualification

Homeowners who are in a situation where their house is reclaimed by banks due to non-payment of their mortgage can get help from a Foreclosure specialist. Some homeowners don't know about the options when their house goes into foreclosure. A foreclosure specialist can determine if the owner is eligible for a restructured loan.

There is experience in foreclosure, bankruptcy and mortgage servicing. They should have knowledge of banking industry rules and regulations. Communication skills, use of computers and software, attention to detail, persistence and prioritization are some of the skills needed.

They should be problem-solvers with a positive attitude since they deal with homeowners who are distressed. The ability to follow mortgage-servicing guidelines accurately is important for Foreclosure specialist jobs. A high school degree and at least two years of related experience is required for landing foreclosure specialist work.

Most foreclosure-specialist positions require at least an associate degree, along with completed courses in real estate, lending practices and foreclosure law. The "Financial Times" and Monster.com both state that banks need foreclosure specialists. There are job opportunities in real estate companies, government agencies, and call centers.

Examples of Resumes for Foreclosure Specialist

The Foreclosure Specialists help homeowners who have their houses reclaimed by lending institutions because they are not paying their mortgage. A Foreclosure Specialist example resume shows some of the responsibilities that can be performed, including presenting options, providing restructured loans to eligible owners, reviewing documents, identifying discrepancies in documents, and reviewing client mortgage payment history. Skills like knowledge of mortgage and foreclosure procedures, tact and diplomacy, excellent people skills, computer competences, attention to details, a positive attitude, and problem solving are all skills that successful resume samples for Foreclosure Specialist mention.

Candidates are trained in real estate and lending practices. Minimizes risk by maintaining authority to sign legal documents on behalf of the bank, to review and execute Foreclosure Litigation documents which include complaints, Affidavits, and Affidavits of Additional Advances, and assist with various special projects throughout the bank. Provide timely responses to attorney requests.

There are complete process management requests for various work groups. Account holds for loss mitigation and bankruptcy activity are provided. The Foreclosure Specialist is to perform all functions necessary for the timely and cost-effective foreclosure proceedings in accordance with investor and regulatory guidelines and Company policies and procedures.

A Survey of Bankruptcy Specialists

A bankruptcy specialist is a person who works in a bankruptcy office. The roles support the business of bankruptcy law. A law firm looking for suitable candidates to join their team who can ensure a smooth bankruptcy process for clients so they can get a fresh start.

The right bankruptcy specialist has the knowledge of both federal and state laws. Specialists are involved in community activities. Good bankruptcy specialists are able to answer questions and are available for their clients when they need them.

The U.S. bankruptcy code is important for all bankruptcy specialists. The American Board of Certification can help lawyers become certified as bankruptcy specialists. A high school degree is required for an administrative bankruptcy specialist.