Borrower stops paying, so Fannie Mae sends in a receiver
Fannie Mae’s counsel sent a notice of default and acceleration on August 31, 2026, declaring the entire loan balance due and owing. The borrower has not cured the default, the filing states.
As of September 1, 2026, Fannie Mae says the outstanding balance stands at $1,618,837.35, with interest, default interest, fees, and costs continuing to pile up.
This is not a foreclosure case. Fannie Mae is not asking the court to sell the property to satisfy the debt. Instead, it wants the court to hand operational control to a receiver – a move that sidesteps the foreclosure timeline entirely and gets the lender’s hands on the income stream right now.
The suit asks the court to appoint M. Shapiro Management Company, LLC, as receiver to take over day-to-day operations at the property – collecting rents, leasing units, paying taxes, making repairs, insuring the building, and marketing it for sale.
According to the filing, the borrower agreed to all of this at closing. The mortgage contains language stating the borrower “expressly consents to the appointment of such receiver, including the appointment of a receiver ex parte, if permitted by applicable law.”
