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I owned a commercial building with a single tenant through

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a tenant in common llc...
I owned a commercial building with a single tenant through a tenant in common llc. I was 10% owner with $700,000 cash invested. We had a ten year fixed rate loan coming up for renewal and our tenant decided to file bankruptcy. We were therefore unable to refinance the property and consequently went into foreclosure and lost the property. This property was valued at over $15 million when leased, we owed under $10 million but lost it all. Is there any way to sue for damages i.e.; the lost property? We are already named in the bankruptcy, and may receive a fraction of our lost rent, I am more concerned about my lost $700K
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 6 minutes by:
5/1/2016
Real Estate Lawyer: Loren, Lawyer replied 1 year ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34,946
Experience: 30 years of real estate practice experience.
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Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get. Unfortunately, it is not likely to be a viable claim against the former tenant to place responsibility for the foreclosure of the property on them. The claim you can assert is based in contract and the loss of the property in foreclosure is not something which was likely contemplated and addressed in the lease. Additionally, they are not a party to the loan and have no legal obligation to you regarding the repayment of your loan. In other words, the lease does not make them a party to your financing.
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Real Estate Lawyer: Loren, Lawyer replied 1 year ago
I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.
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Real Estate Lawyer: Loren, Lawyer replied 1 year ago
If you have no further questions, and have not yet done so, please remember to leave a favorable rating (Excellent or Good) so that I am credited by JustAnswer for assisting you. A bonus is not required, but is always appreciated.
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Loren
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34,946
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Experience: 30 years of real estate practice experience.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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