By Heather M. Olson
Since the most recent real estate crisis in 2008, portfolio lenders and special servicers of defaulted commercial mortgage loans have had a number of years of experience in using a variety of remedies to realize upon their real estate collateral, often choosing between foreclosure, receiver sale, deed-in-lieu agreement or some other type of arrangement. During this time, the use of court-appointed receivers to not only manage and operate distressed commercial property, but also to sell such real property as an alternative to foreclosure, has gained popularity nationally, with some commentators advocating that receivership sales can, in some instances, be a more effective way of disposing of real property collateral than the foreclosure process.
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