When a condo association files a foreclosure lawsuit, it is entitled to ask the court to appoint a “custodial receiver” who takes over the property, rents it out, and pays the proceeds consistent with guidelines in the Condominium Act (RCW 64.34.364(10)). As a practical matter, once appointed, the receiver rekeys the unit (assuming it is vacant), evaluates the work needed to make it rentable, and provides a “punch list” to the board, along with the estimated costs of the necessary work.     Read more……..