With the tsunami of foreclosures closing in on lending institutions, there is a growing need for workout specialists. The need is so apparent that in some parts of the country, workout specialists have coined their own title as elite members of "The Mod Squad".

These individuals have a singular purpose:

Their objective is to minimize bank losses.

However, the cost for this process of minimizing the bank's losses is not inexpensive.

There is an exhaustive process of recruiting and training employees that must be able to analyze financial statements, tax returns, appraisals, audit reports, and other legal documents that may not be familiar to the average person.

Experience with credit counseling is also a plus because they will be asked to make modifications to the existing payments and establish a new payment plan. In addition, they must have excellent communication skills. They must first be able to adequately counsel borrowers in hardship situations, appealing to both their emotional and financial distress, and negotiate a mutual agreement, if possible. Their working knowledge of real estate and contract law is essential since they will be coordinating the settlement with attorneys, title companies, realtors, and more.

This is a tall order when the wave of foreclosures is on the horizon

Those Banks that fall victim to the old way of doing things will find themselves scrambling and, most likely, carried away in the chaos that is forthcoming.

In light of the pending onslaught of foreclosures, Banks will need to look at new ways of settling their pending losses from a more proactive approach. Literally, in a tsunami, experts say "take the high road". Go to an elevation that provides safer ground.

Why not do the same?

With the numbers of people that will be effected by this catastrophic event, Banks need to make disaster plans that include advanced warnings and preparatory measures.

• I believe it is essential to keep the property owners engaged so that they are not paralyzed by the wave of hopelessness.
• I believe that education is key.
• I believe that local and regional workshops are essential for a safer, more responsible way of treating those lost and confused.
• I believe it is essential to let these victims know they are not alone, they should not feel ashamed, that their lives are important and that we, as a community, are going to do everything possible to help them escape the tidal wave that will inevitably effect each and everyone of us, as a community, as a country, as a world.

It is not enough to simply send in an emergency crew to clean up the mess, to salvage what is left, to restore the lives of the hopeless that were caught unexpectedly in the wave of foreclosures. We need to face the reality, communicate the need for readiness, and prepare ourselves with grossly needed channels for communicating viable exit routes... at all times, suggesting that we all take the high road.

So, What Does A Workout Specialist Traditionally Do?

Job Responsibilities:

• Review incoming packages for accuracy and completeness
• Review and recommend loans to foreclosure where appropriate and within required timeframe
• Handle borrower questions pertaining to various workout options

What Do Innovative Workout Specialists Do?

With this tidal wave of foreclosures, the foreclosure workout process needs to change in order for the banks to reap the greatest benefits. In the past, banks would hire their own foreclosure workout specialist, train them, provide them benefits, etc. This of course is an added expense for banks.

However, with todays unique market... the old way of doing things is no longer effective.

Today, banks need to create comprehensive plans to deal with their trouble loans on a Macro basis and need to retain innovative workout specialists who offer more than the job responsibilities noted above.

This new breed of workout specialist will:

• Review incoming packages for accuracy and completeness
• Review and recommend loans to foreclosure where appropriate and within required timeframe
• Handle borrower questions pertaining to various workout options

and...

• Effectively keep the borrower emotionally involved so they don't "give up" because of the pressure traditional workout specialists often place on the borrower
• Help to turn the overall foreclosure situation from a negative to a positive by working with the bank to create a comprehensive PR campaign which highlights the way the bank is now helping their client borrowers.
• Turn previously upset borrowers into raving fans of the bank by creating a truly win-win situation

Of course, there are more added benefits that a new age and innovative workout specialist can offer banks in 2008.

The bottom line... borrowers in default should contact the bank and request a workout specialist to help create a situation where it makes sense for the borrower to stay in their home... and where it turns a non-performing loan into performing loan.

And, banks need to examine their current "macro-plan" for dealing with foreclosures and whether hiring an inside staff is really the way to go. Additionally, banks need to capitalize on this opportunity to create a positive PR campaign which will once again position the bank in a positive light in the minds of the public... and their clients.

Innovative workout specialists services are difficult to find; however, there are very unique companies who offer banks programs tailored to cut their foreclosure related costs and provide benefits far beyond the traditional foreclosure workout services.

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