A manager of foreclosure and bankruptcy typically works for a financial institution that engages in real estate financing agreements. A party in receipt of a loan or mortgage might be unable to meet their financial obligations to pay according to a contract, and no other remedies are available. In this situation, the institution typically will institute procedures to foreclose and take back the property. This manager is the person who oversees such actions and ensures that they proceed according to the stipulations of contractual obligations along any federal or state regulations that may pertain.
This is a position that requires a great deal of organizational and computer skills. Bankruptcies and foreclosures can be extremely complicated in rapidly-changing business affairs. It is the duty of the manager of foreclosure and bankruptcy to ensure that all aspects of these complex interactions proceed in a reasonable and forthright manner. The manager may be required to provide constant communication and updates to interested parties. This person will need excellent written and verbal communication skills.
The requirements to gain employment as a manager of foreclosure and bankruptcy can vary widely. For some financial institutions, the job is one of oversight and document management. In this case, a person holding a bachelor's degree in a business discipline is sufficient. In other cases, especially those where the manager must represent company interests in court in difficult contractual matters, a candidate with a law degree may be preferred for the position. This manager typically works in an financial office environment during regular daytime business hours
Manager of Foreclosure and Bankruptcy Tasks
Manage and/or advise clients in bankruptcy and foreclosures, conducting workouts and restructuring of finances.
Manage client issues and oversee and assist with risk identification and resolution for all cases.
Develop financial valuation models and frameworks, implementing and training specialists on performance standards.
Supervise bankruptcy and foreclosure specialists and work flow, coordinating activities and evaluating staff and performance.
Perform and provide clients with budgetary and business case analysis and economic condition forecasts.