Professional Services
Receivership
Assuming Property Custodial Responsibility
Receivership is an alternative to other forms of mortgage default resolution such as foreclosure or bankruptcy proceedings. Receivers are appointed by the court to assume custodial responsibility of a property.
This includes the responsibility to collect rents, pay operating expenses, determine capital expenditures, establish a budget, report on inventory, financials and operations, and potentially facilitate the sale of the asset. The court order appointing the receiver will specify the receiver’s authority.
Verona Advisors will perform receivership services to ensure the process is handled professionally and efficiently.
Collect Rents
Assume responsibility for rent collection and tenant communications.
Pay Operating Expenses
Manage operating expenses and preserve the asset's ongoing viability.
Determine Capital Expenditures
Evaluate necessary capital improvements and deploy resources strategically.
Establish a Budget
Create and oversee budgets aligned with court directives and asset performance.
Report on Operations
Deliver regular reporting on inventory, financials, and day-to-day operations.
Facilitate Sale
Support the potential sale or disposition of the asset when appropriate.