Has anyone ever had a receiver appointed on investment property?

[DecentHuman]

Hi everyone, I'm kind of new here so bear with me while I learn the ropes.

A few of my rental properties are in foreclosure and more will be going into foreclosure as well. Obama's Protecting Tenants at Foreclosure Act states that tenants in bona fide leases before the transfer of title as a result of foreclosure must be allowed to stay til the end of their lease, unless the new owner intends to move in, in which case the tenant must get a minimum 90 day notice.

My private lender has made a motion to have a receiver appointed. Does this affect whether or not I can sign new leases?

[HHM]

Basically, the receiver takes over. You will no longer be in charge.

[tsharpe1992]

I am filing Chapter 7 Bankruptcy in California. I have several rental properties that I intend to keep although they are upside down. My attorney told me that there is a rule on the books that has never been enforced but is now being enforced called a "Motion to Compel". They stated that by filing a "Motion to Compel" that the trustee would not be allowed to take the rental income that would normally go to the mortgage company. Is there anyone familiar with us having to submit a motion to compel?

[frogger]

My private lender has made a motion to have a receiver appointed. Does this affect whether or not I can sign new leases?

You are pretty much out of the loop completely. The receiver is going to get the money and you can not lease out property anymore. You might want to consider giving the lienholder the keys back and giving them possession. (Consult with your attorney first!)

There is no reason for you to be responsible for the phone calls, problems, or repairs if you're not getting paid. Let that burden go to the bank.