Chicago

Chicago Receivership Services

Chicago receivers

Local courts, Illinois law

ALPS is a Chicago-area receiver and property manager, with a corporate office in Frankfort and real estate experience here since 1995. Chicago receiverships run through the Circuit Court of Cook County under Illinois law, and that law changed recently. The Illinois Receivership Act took effect on January 1, 2026, alongside the long-standing receiver provisions of the Illinois Mortgage Foreclosure Law, which still govern foreclosure receiverships.

The appointments we take on in Chicago:

  • Foreclosure receiverships in the Cook County Chancery Division
  • Receiverships under the Illinois Receivership Act, outside foreclosure
  • Code-enforcement receiverships for neglected buildings
  • Association, trust and business-dispute appointments across the Chicago area

Where Chicago cases are heard

Circuit Court of Cook County

Foreclosures. The Chancery Division's Mortgage Foreclosure Section, Calendars 56 to 64 at the Richard J. Daley Center, hears actions under the Illinois Mortgage Foreclosure Law. The court publishes commercial receiver instructions and a model receiver order for use in commercial receiver cases.

Building code cases. The Housing Section of the First Municipal District, also at the Daley Center, hears housing code violation cases for Chicago and unincorporated Cook County, and its Calendars 65 to 67 hear vacant building foreclosure cases.

Other disputes. In partnership, trust and lien-enforcement cases, the receiver is appointed by the judge hearing the underlying case.

Illinois receivership law

What the statutes require

Three Illinois statutes cover most Chicago real estate receiverships. What they require:

  • Illinois Mortgage Foreclosure Law (735 ILCS 5/15-1701 to 15-1704). The court appoints a receiver at the request of a lender entitled to possession (for commercial property, generally where the mortgage allows it and the lender shows a reasonable probability of prevailing) or on any party's request and a showing of good cause. The receiver can lease the property, collect rents, insure it, pay taxes and make code-required repairs, and must manage it as a prudent person would.
  • Tenant notice and rents (735 ILCS 5/15-1704(f)-(g)). Within 21 days after appointment, a foreclosure receiver must make a good-faith effort to identify the occupants of every dwelling unit, give each one written notice of the receivership stating that it is not a notice to vacate, and post a notice at each unit's entrance. The receiver may not charge an occupant more than the rent paid before the appointment unless the court approves the increase or the occupant agrees to it.
  • Illinois Receivership Act (765 ILCS 1090). In effect since January 1, 2026, it lets courts appoint receivers outside foreclosure and, in actions to enforce a lien, where the owner agreed in a signed record to a receiver on default. It allows court-approved sales free and clear of the appointing creditor's lien and junior liens (senior liens stay unless the senior lienholder consents), and requires owners to cooperate, turn over property and records and, unless the court orders otherwise, file lists of the property and of creditors within 14 days after appointment. It does not apply to receivers appointed under Section 15-1704 of the foreclosure law, or to owner-occupied homes and buildings of one to six units.
  • Building code receiverships (65 ILCS 5/11-31-2). When a building fails the municipality's minimum health and safety standards and the owner does not make repairs after notice, the municipality can ask the court to appoint a receiver. The receiver can use the rents for repairs and issue receiver's certificates. Once sold for value and recorded, the certificates are a first lien on the property, ahead of prior liens except taxes.

Chicago properties we take on

From two-flats to retail strips

Chicago's building stock shapes every receivership here: two-flats and three-flats, vintage courtyard buildings, mixed-use buildings with storefronts below apartments, condo buildings run by small associations, and multi-tenant retail strips.

Case studies on our site include a vacant six-unit building in Bronzeville, a commercial retail strip in Albany Park and a single-family home in Englewood. Read them on our foreclosed properties page.

Our Receivership Services

01

Court-Appointed Receivership

ALPS Property Management offers court-appointed receivership services to stabilize and restore distressed real estate nationwide, ensuring legal compliance and asset value for all stakeholders.

02

HOA & Condo Receivership

We provide receivership services for struggling HOAs and condo associations nationwide, taking over operations to stabilize finances, resolve conflicts, and restore order. Our goal is to help communities regain functionality and transition back to effective self-governance.

03

Receivership for Foreclosed Properties

Our team handles everything from maintenance and repairs to financial reporting for foreclosed properties, ensuring a smooth and transparent process for all parties involved.

04

Commercial Real Estate Receivership

We ensure transparency, financial accountability, and hands-on management for commercial real estate, stabilizing operations, preserving asset value, and preparing properties for sale, lease, or repositioning.

05

Receivership Services for Banks & REITs

Strategic receivership services to banks, REITs, and private equity firms are key when working with banks and REITs. Our team acts quickly to protect asset value, handle legal compliance, and prepare properties for sale or transition, ensuring a smooth process for all stakeholders.

06

Property Preservation & Construction

With decades of experience managing receivership cases, we know how to protect your investment and prepare distressed assets for recovery or sale

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Nationwide Expertise

With more than 30 years of experience in the Chicago market, The ALPS Group provides nationwide trusted receivership services across a wide range of property types—from office and retail spaces to industrial, mixed-use, and HOA-managed communities. Our team delivers the court-appointed expertise needed to stabilize distressed assets, preserve property value, and protect stakeholders throughout the US.

Ready to appoint a receiver?

Whether you’re filing the motion or holding the note — send us the asset.