In most cases the most important job after preserving the property is income collection. Once a Receiver is appointed funds which previously went to a party who may not be accounting for or recording them correctly are now being held by the Receiver and reported to the Courts in a Receiver’s report. A common concern in most cases where a Receiver is sought is how much income is coming in and what is the excess being used for if not for debt service. By putting a Receiver in place the lender can feel comfortable knowing what is coming in and how it is being used.
