Receivership is the situation in which a business or property is held by a receiver, a person placed in custodial responsibility by the court.  The receiver is an officer of the court who is authorized to take over and secure the rents or income from the property or business, to restore and protect the asset, and, in general, to act in the best interests of the creditors.  The Receiver does not represent the lender and is granted authority directly from the Court.  The benefits of receivership include speed, cost and flexibility, while also transferring operating issues to the receiver and limiting the liability of the lender.

For more information about lender options and the differences between receivership and foreclosure, click here.  McCallen has been a receiver on properties associated with many lenders; for a partial list, click here.