Short answer. Yes, as part of your foreclosure action, not instead of it. Rule 59, Section 1 allows a receiver to be appointed in a mortgagee's foreclosure action when the property is in danger of being wasted, dissipated, or materially injured, and its value is probably insufficient to discharge the mortgage debt, or the parties so stipulated in the mortgage contract.
What the law says
When it appears in an action by the mortgagee for the foreclosure of a mortgage that the property is in danger of being wasted or dissipated or materially injured, and that its value is probably insufficient to discharge the mortgage debt, or that the parties have so stipulated in the contract of mortgage
Rule 59, Section 1 — Appointment of receiver. Read the full provision →
What Rule 59, Section 1 provides for foreclosure actions
Rule 59, Section 1 names this exact scenario as one of the grounds for appointing a receiver: "When it appears in an action by the mortgagee for the foreclosure of a mortgage that the property is in danger of being wasted or dissipated or materially injured, and that its value is probably insufficient to discharge the mortgage debt, or that the parties have so stipulated in the contract of mortgage." A mortgaged property being wasted, and worth less than the debt it secures, is written directly into this ground.
The two alternative bases within this ground
The clause offers two separate routes to the same ground, joined by "or." One is factual: the property is "in danger of being wasted or dissipated or materially injured," combined with its value being "probably insufficient to discharge the mortgage debt." The other is contractual: the mortgage contract itself may already stipulate for a receiver in this situation. Either basis, on its own, supports the ground — you do not need both waste and a contractual stipulation together.
This works alongside your foreclosure action, not instead of it
The ground is expressly framed as something that appears "in an action by the mortgagee for the foreclosure of a mortgage" — meaning the receivership request sits inside the foreclosure action itself, as an ancillary remedy, rather than as a separate path you would pursue in place of foreclosing. You would still be proceeding with foreclosure; the receiver is a tool available within that same action to protect the property while the foreclosure moves forward.
The other grounds in the same article, for context
Rule 59, Section 1 lists this mortgage-foreclosure ground alongside three others: a general danger to a party's property interest before judgment, aiding execution or preserving property after judgment, and a catch-all for cases where a receiver is simply the most convenient and feasible way to preserve, administer, or dispose of property in litigation. Appointment under any of these grounds still requires a verified application, and remains something the court "may" grant rather than something automatic.