In circumstances where an apartment building, commercial property or even a portfolio of residential units are in foreclosure, the mortgagee (generally an institutional or local banks, private mortgage lenders or entity fund) may petition the court for the appointment of a Receiver. The Receiver’s powers and responsibilities are defined by an Order of the court which makes the appointment. The Receiver’s job is to protect the property, collect the rent, provide interim management, resolve property issues, deal with tenants, make needed repairs, appear in court proceedings and a host of other defined tasks.
The Receiver must constantly communicate with and report to the court and/or the mortgagee who initially petitioned for the appointment of the Receiver. To properly serve in this capacity, a Receiver must be knowledgeable in both real estate law and the business operation of multi-family and commercial properties.
Our office specializes in Receivership of properties are pending foreclosure. For years, we have represented a number of banks and financial institutions who engage our company to protect and preserve the value of assets that may eventually come into their REO portfolios. Our clients benefit from our strong communication ethics, competent management, detailed reporting, and good results. We are a trusted brand for Receivership services.
Our office performs the following services which are generally required with appointments of Receivership: