Foreclosure Specialist Job Description

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 foreclosure specialist can determine if the owner is eligible for a restructured loan to save the property.

Job Duties

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.

Knowledge, Skills and Abilities

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. Foreclosure specialist jobs involve dealing with many cases, so the ability to multitask and follow mortgage-servicing guidelines accurately is imperative.


Landing foreclosure specialist work requires at least a high school diploma and two to four years of related experience. Most foreclosure-specialist positions require at least an associate degree, along with completed coursework in real estate, lending practices and foreclosure law.

Employment Opportunities

According to the "Financial Times" and job postings on, banks have a need for foreclosure specialists in their mortgage department. Job opportunities may also be found in real estate companies, government agencies, staffing agencies, and call centers of default servicing companies. According to, the average salary for a foreclosure specialist is $43,000 per year, as of September 2013. Salaries vary depending on company, location, experience, benefits, and industry.