Foreclosure Workout Specialist

Job Description

Job Description

Who We Are:

Based in New Jersey and established in 2010, Asset Based Lending, LLC (“ABL”) is one of the nation’s leading Hard Money Lenders. We provide fast bridge financing to real estate investors for the purchase, renovation, or new construction of single family, multi-family and mixed-use properties as well as DSCR rental loans for long term investors. We have closed thousands of loans since we began lending fourteen years ago, producing over $4B in originations. ABL was acquired by a private equity firm in 2021, and with a renewed focus on growth, we’ve set our sights on consistent evolution and cementing our place as the premier private lender in the country.

Our Mission is Simple:

• Make Good Loans
• Provide Exceptional Service, Every Time
• Protect The Firm
• Build The Future

Position Summary

The Foreclosure Workout Specialist owns front-line workout negotiations and disposition strategy with borrowers, capital partners, and the project itself — engaging directly with borrowers, property managers, contractors, and municipalities to find viable takeout options before a loan reaches foreclosure. This role combines market and construction fluency with negotiation skill, leveling with borrowers on realistic project and exit outcomes and protecting ABL's capital position. The Workout Specialist's caseload is limited to at-risk loans referred from Servicing on an imminent-default or maturity-default basis, defaulted loans, and loans in active foreclosure. The Workout Specialist routes agreed terms to the manager for approval; any waiver, discount, or concession exceeding the manager's delegated authority is escalated by the manager for approval in accordance with the delegation-of-authority policy. The Workout Specialist then hands off approved terms to the Foreclosure Specialist for legal execution, working alongside the Foreclosure Coordinator and Foreclosure Administrator and reporting directly to the manager.

Essential Duties & Responsibilities

Borrower & Capital Partner Negotiation

• Serve as the primary point of contact for workout negotiations with borrowers, guarantors, and capital partners on defaulted and at-risk loans, with the explicit goal of avoiding foreclosure wherever a viable path exists.
• Assess borrower financial position, project status, and market conditions to identify realistic takeout options — refinance, third-party sale, discounted payoff, deed-in-lieu, JV resolution, or modification — before a file moves to foreclosure.
• Negotiate settlement terms, discounted payoffs, extension and modification structures, and alternative resolutions directly with borrowers and capital partners, routing agreed terms to the manager for approval (any waiver, discount, or concession exceeding the manager's delegated authority is escalated by the manager for approval in accordance with the delegation-of-authority policy) before finalizing with the borrower or any third party outside of ABL.
• Maintain regular contact with capital partners on shared-risk or participated loans to align on workout strategy, disposition timing, and recovery expectations.

Construction & Project-Level Workout Strategy

• Evaluate project status, cost-to-complete, and construction timelines on active construction and rehab loans to determine whether continued funding, a modification, or an exit is the stronger recovery path.
• Engage directly with contractors, general contractors, and property managers to validate project progress, budget overruns, and scope changes that affect workout and disposition decisions.
• Apply current market conditions — comps, absorption, and exit pricing — to structure realistic takeout timelines and terms with borrowers and capital partners.
• Coordinate directly with municipalities and local officials on permitting, code, and property status issues that affect project completion or disposition.
• Own insurance claims tied to construction or project-related damage on assigned files — including builder's risk and casualty claims on an active construction or rehab project — coordinating with the Foreclosure Administrator on filing, tracking, and resolution.

Valuation Review on Workout Files

• Review broker price opinions, appraisals, and other valuations ordered in connection with an active workout, and present any valuation issues or discrepancies to the broader group.
• Escalate any valuation flagged as questionable, or any discrepancy the Workout Specialist cannot resolve, to the manager for final review and sign-off.

Disposition Strategy & Execution

• Evaluate and recommend disposition strategies for assigned foreclosure and REO files — sale, renovation, hold, bulk sale, note sale, or JV resolution — aligned with net recovery and risk-adjusted outcome goals.
• Build net recovery models incorporating note interest, default interest, late fees, extension fees, and advances to support disposition and workout decisions on assigned files.
• Execute approved workout strategies end to end on the borrower/project side, and own REO disposition execution end to end — recommending the exit strategy to the manager, selecting and managing brokers, obtaining listing and pricing approval, reviewing offers, and coordinating closing with title, Accounting, and Legal.
• Track and monitor outcomes of negotiated workouts and dispositions across the assigned caseload.
• Own property-level strategy on REO and vacated collateral — direct property preservation vendors and property managers on securing, winterization, utilities, and repairs, with the Foreclosure Administrator placing and tracking the work orders.
• On tenant-occupied collateral (including DSCR properties), review rent rolls and leases, direct rent capture and property-manager transitions, and negotiate cash-for-keys and tenant relocation terms, coordinating any eviction filings with the Foreclosure Specialist and counsel.

Coordination with the Foreclosure Specialist & Team

• Hand off manager-approved workout terms, discounted payoffs, and exit agreements to the Foreclosure Specialist for legal execution — stipulations, modification and extension documentation, and deed-in-lieu filings.
• Partner with the Foreclosure Coordinator and Foreclosure Administrator to ensure workout terms, milestones, and supporting documentation are accurately reflected in CRM and NoteFlow.
• Flag budget overruns, funding shortfalls, scope changes, or market shifts to Construction, Accounting, and the manager early enough to protect net recovery.
• Escalate high-risk, stalled, or maturing files to the manager with a recommended action plan.

Reporting & Documentation

• Document all borrower and project-side negotiations, workout terms, and resolutions in CRM and NoteFlow.
• Provide workout and disposition pipeline updates to the manager in support of executive reporting, including the CEO presentation, CFO materials, and monthly NPL list.
• Track and summarize workout outcomes, discounted payoff results, and disposition proceeds for portfolio-level reporting.

Compliance & Risk Management

• Ensure all borrower and capital partner communications comply with applicable regulations.
• Identify risk trends across the workout caseload and propose mitigation strategies in coordination with the manager.

Performance Metrics

• Net recovery on resolved workout and REO files versus approved net recovery model
• Cure/resolution rate — share of assigned at-risk and defaulted loans resolved without completed foreclosure
• Days from assignment to executed workout agreement or manager-approved exit strategy
• REO days-on-market and sale price as a percentage of approved valuation
• Construction-related insurance claims filed and recovered
• Accuracy and timeliness of NoteFlow/CRM file updates and NPL list input

Qualifications

• 5+ years in default servicing, loss mitigation, special assets, or commercial/residential investment-property workouts, preferably with a private or non-bank lender
• Demonstrated experience negotiating forbearance, modification, extension, deed-in-lieu, and discounted-payoff agreements with borrowers and guarantors
• Working knowledge of construction budgets and draw schedules, renovation scope, and rental-property operations (RTL and DSCR collateral)
• Ability to read title, valuation, and insurance documents and build net recovery models in Excel
• Familiarity with foreclosure timelines and state-level variations; bankruptcy exposure a plus
• Experience with loan servicing/asset management systems (NoteFlow or equivalent) and CRM
• Strong written and verbal communication; comfortable managing brokers, contractors, and outside counsel
• Bachelor's degree in finance, real estate, business, or related field, or equivalent experience