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I have 3.5 years left on my commercial lease. I am one month behind, but I have been putting my rent on credit cards for the past few months. My credit is maxed out, I have no other options for credit. I own my home (principal residence) and we have a car that is worth less than is owed. In today's economic climate finding a new renter is going to be impossible. What will be the legal ramifications for me. Can they take my house? The landlord is very aggressive!
You definitely need to consult with an attorney. You will need to read the actual lease and what it stipulates. YOu may not be able to sublease as well. There should be a clause on the lease about that.
If you break the lease the landlord may be able to sue you. If he wins the judgement they can seek a collection agency to recover for them. This can include a lien on your home or wage garnishment. The judgment is good for 10 years.
Bankruptcy can be an option. Seems bad I know, but to loose your credit for a while is better then your home.
Good luck
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Originally Posted by fresnoca
It depends on where you are - I would have an Attorney review the lease. Maybe the landlord will allow a sublet (if either one of you can find someone).
Whether the landlord can lien against your home - following a legal Judgment - depends on the State. Homesteads are protected in certain States.
Aggressive or not, as you said, the economy is bad and the landlord (who planned on another 3-1/2 years of rent) is undoubtedly going to look to your for his/her money.
Also did you lease being personally liable ( sounds like you did) or was it though a corporation or LLC
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