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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » What happens when a condo goes into receivership?

What happens when a condo goes into receivership?

I live in an condominium complex that is currently in debt, with little reserves and not enough equity to even get a loan. The place is falling apart becasue we don’t have money for repairs. One option brought up is to go to court and get a state appointed receiver. What exactly does that entail?

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2 Responses to "What happens when a condo goes into receivership?"

  1. bob shark says:
    I would guess that the condo operation would be sold to creditors, and an assessment made on all individual owners, and if the individual assessments were not paid, individual foreclosures would happen.
  2. ziggymo2 says:
    this is not a common thing-a receiver. Who owns the condo? A receiver is someone who steps in when people can not agree. Like a probate or a divorce. My dealing with a receiver have been- they upon court approval can sell, maintain, intake all money and pay bills. Its almost like hiring an attorney to handle the matters. But only for the owner of the complex

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