A receiver is a court-appointed rental manager for a property.  Once appointed, the property is referred to as being in "receivership."  The receiver should be a disinterested person with experience in managing rental property.  The receiver collects the rents and disburses the rents according to the court's orders.  

A receivership can be beneficial to the association in the following areas:

Keys to an Effective Receivership

Before an association pursues a receivership on a property, the following keys to an effective receivership should be determined:

Lawsuit Seeking the Appointment of a Receiver

If the key elements reviewed above are met, the association can proceed with a lawsuit requesting that the court appoint a receiver.

The key elements of a receivership lawsuit are as follows:

Colorado Law on Equity Skimming

Colorado law prohibits owners from skimming the equity from a property, in certain circumstances, and not paying the mortgage.  See the attached state statutes on equity skimming and related offenses.