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Foreclosure and Receivers in the Current Liquidity Crisis

By Keith Miles Aurzada and Gwendolyn J. Godfrey

Given the instability in the current real estate market and the significant rise in the number of borrowers defaulting on their mortgages, the topic of foreclosures, regardless of the type, will be the subject of many future discussions and articles. Just a quick review of popular business periodicals reveals the many forces working together to both increase the number of foreclosures and decrease property values. In this climate, many lenders will be assessing their options when it comes to foreclosing on delinquent borrowers. Where foreclosure is not an option due to environmental concerns or properties that are not in compliance with regulatory restrictions, receiverships may become a more attractive remedy even where nonjudicial foreclosure is available to the lender.

Foreclosure

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