Receivers
If you do not want to file bankruptcy, but you need to get out of a property and the bank will not take it back in a Deed in Lieu of Foreclosure because of the unseen liabilities, you may want to use the Receivership process.
Receivers picks up the bills, keep a franchise in place, and keep the lenders from foreclosing until the property can be sold (Many times at a break even or higher price.). The borrower walks away from the big debt with no foreclosure or bankruptcy. The lender has not been tied up in court for a year with big legal fees and no payments on the motgage; and when the lender sells, they have some input in the process. Contact us for more information.
Receivers: http://www.amrexreceivers.com/
Case on the difference between a receiver and an equity receiver in bankruptcy: 797.F2d.516