The building my office is in is being foreclosed on
 

I am going to call a lawyer I do a lot of work for on Monday but in the meantime I am wondering if any of you have had to deal with this and how it worked out.

I had a process server stop by my office today and serve me papers informing me the building is in foreclosure.

I also found out today my landlord is in jail for what I do not know but it may or may not be a domestic thing cannot say for sure, other than that I was told he was arrested, posted bail and skipped town, bounty hunters found him and he is in jail now.

What do I do now? Obviously paying rent to my landlord is futile since he is not getting the checks anymore and the rent is no longer going towards the building.

Do I make arrangements with the bank. Do I just keep mailing rent checks? Or do I just bank the rent until someone contacts me about future payments.

Start planning on moving. But keep the rent money in your pocket. Wait until it's sorted out and foreclosed. Go to the bank that foreclosed. They'll be happy to talk to a tenant who has back rent and is willing to stay. You may even be able to negotiate a lower monthly payment so that they have some versus no cash flow from your space.

Whoever ends up owning this building is going to want paying tenants.

Buy the building!

that was my thoughts as well, If the guy is in jail he might not be in the best possition to negociate.

Banks don't like owning real estate, they like getting payments on loans.

On residential real estate the advice is to not move unless you get "cash for keys", especially if your term of the rent is not up. I would do the same on the business side. I think a google search should shed some light on this from the business side.

HTH,

George

You have a lease? Not sure you have a case to stop paying rent, you will be in default with possible penalties.

If the building is sold, new owner may need to honor lease. On the other hand, I had a friend who sublet space, person he was subletting from stopped paying rent, he showed up for work one morning and the locks were changed, even though he was paying rent. He had to move immediately.

If it was me, I would probably contact the Bank to get the true story, and a Lawyer.

How long is your lease?

Put the rent in your bank, negotiate with bank that owns the building when they swing by to chat. Be prepared to move

Russell or Tom?

It's a $1.5mil nut...