One growing employment field is that of the Foreclosure Specialist, a real estate agent who works exclusively with foreclosed real estate. This can be extremely challenging work, as, thanks to the predatory loan practices, many naïve buyers put little or no money down when getting mortgages, and are awash in negative equity.
Often buyers have purchased a home for a certain amount, and then the value of the property goes down, and they owe more than the property is worth, thus not being able to refinance if they are unable to make payments.
One of the riskiest home mortgages offered was the option adjustable rate mortgage (ARM) which started out offering low minimum payments. But the option ARM’s low payments were temporary, as they were not fixed rate mortgages.
Sometimes the foreclosure specialist can help a debtor to transfer the title to a corporate entity, or help the borrowers get a Small Business Administration loan. Today, having someone who is loan and real estate savvy is quite necessary when dealing with the crises that have been created by the easy-come-hard go loan systems.