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When a property is in distress and pending foreclosure the court may appoint a receiver, who is generally given exclusive control and management of the asset. This can be a useful remedy to preserve the value of the distressed asset and the wellbeing of any occupants residing there. A receiver must juggle the interests of numerous parties including the court, the municipality, mortgagors, mortgagees, occupants, creditors and any employees of the property. Learn more about the developing body of law surrounding receivership and find out why so many lenders are petitioning courts to appoint receivers in mortgage foreclosure situations.
This course was recorded at PBI’s A Day on Real Estate in August 2011. Our Day on Real Estate features some of the most popular sessions from PBI’s Real Estate Institute, and is a perfect way to stay up to date on the hottest real estate topics of the year. Other sessions available on PBI’s Online Campus cover actions to quiet title, insurance coverage gaps, moving on distressed real estate, refinancing commercial loans and ethical issues for the “mobile lawyer.”
