"In Limbo," Foreclosed Apartments Lack Maintenance
"The court typically appoints a receiver to collect rent and use the money to perform limited maintenance, but not necessarily to make significant physical improvements."
"In the Brooklyn case, the court didn't appoint a receiver until almost a year after the foreclosure suit began. A court order limits him from spending more than $2,000 on a single repair without the bank's consent.
Physical problems often occur in these rent regulated apartment buildings facing foreclosure both because the buildings are typically older and require substantial maintenance and because the relatively low rent income made it difficult for landlords to make major repairs."