When I use the word receiver, I am not referring to your favorite football receiver. Rather, a person appointed by the Court in a divorce action to take constructive (or actual if necessary) possession of property (in this case a residential home) to manage, control, and dispose of the property as the receiver sees fit.
Say what? Basically, the Judge says there is a need to protect the house and appoints someone to oversee what happens to the house, which is typically selling the property.
So why does a Judge appoint a receiver? The simple answer is to preserve and protect the marital property. The most common reasons a receiver is appointed is to preserve the equity in a house facing foreclosure and failure of one party to remove the other party from the loan by refinancing the home.
Who can be a receiver? A receiver is a non-party who is a Texas resident and qualified voter. Typically, a receiver is either an attorney familiar with family law or a real estate agent. Being dual licensed, an attorney and real estate broker, I have a full perspective of receivers in Texas family courts. I am accustomed to working with 2 parties who are sometimes in opposition, understanding the law and cooperating with attorneys representing the parties.
A receiver is sometimes necessary but can be tricky, so call Melissa Fain at 817-846-8032for a knowledgeable receiver, if you are ever in need of these services.
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