Securing Mortgaged Property in the U.S. Virgin Islands
Most mortgages permit a lender to inspect the mortgaged property, or if the property is abandoned, to make repairs. However, despite the clear language in the mortgage, the U.S. Virgin Islands generally requires the Court to appoint a receiver before taking any action to preserve the property. Any actions taken without such court approval may be the subject of a lawsuit. We strongly recommend that we be permitted to seek appointment of a receiver BEFORE you secure or repair any properties in the U.S. Virgin Islands. Until title passes to the mortgagee, the property is still that of the borrower.
The attorneys of ALAW remain well attuned to our ever-changing legal landscape and are prepared to provide you with unparalleled representation every step of the way.
For more information on this legal update please contact:
Johanna Harrington, Esq.
Managing Attorney – U.S. Virgin Islands
800.488.1433
