Real Estate Foreclosure Specialist

Real Estate Foreclosure specialists help homeowners faced with having their house reclaimed by banks or other lending institutions due to non-payment of their mortgage. Some homeowners are unaware of available options when their house goes into foreclosure. A Real Estate foreclosure specialist can determine if the owner is eligible for a restructured loan to save the property. Real Estate Foreclosure specialists often review documents related to the sale of a foreclosed property. These documents include liens, inspection reports, appraisals and insurance policies. If discrepancies are found in these documents, the foreclosure specialist tries to resolve them for the property owner. This may require communication with the lender, municipal courts, home inspection services and insurance companies. Filing the necessary paperwork, ensuring that deadlines are met, verifying signatures, and attaching addenda are commonly part of the job. The specialist also reviews the client's mortgage payment history and financial documents, such as bank statements and investment portfolios. Real Estate Foreclosure specialists should have experience in foreclosure, bankruptcy and mortgage servicing. They should have knowledge of banking industry rules and regulations, and government regulations regarding foreclosures. Strong communication skills, proficiency in the use of computers and software, attention to detail, persistence and prioritizing are some of the skills needed. Since they deal with distressed homeowners, they should be strong problem-solvers with a calm, positive attitude. Real Estate Foreclosure specialist jobs involve dealing with many cases, so the ability to multitask and follow mortgage-servicing guidelines accurately is imperative. Landing Real Estate foreclosure specialist work requires at least a high school diploma and two to four years of related experience. Most Real Estate foreclosure specialist positions require at least an associate degree, along with completed coursework in real estate, lending practices and foreclosure law.

A Real Estate 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 real estate 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 real estate 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 real estate foreclosure specialist positio...

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