You are obligated to pay your rent, as your lease is binding.
The owner not paying his mortgage is between him and the bank that the mortgage is with (the owner should not be receiving money and not paying anything to the bank).
For your sake, I hope that the owner will be paying his maintenance fees (and maybe the taxes also), because, if he is not, the association may cut your access to the amenities and can have you start paying them instead of the owner.
I agree that consulting a real estate attorney is very good.
Hope this helps,
Beachfront Realty, Inc.
All the best,
All the Best,
The owner's financial information should not concern you.
Have you thought about buying it? If it is on short sales, price should be affordable. Just an idea...
Real Estate Broker Associate
Licensed in NY and FL
I would also recommend keeping the lines of communication open with your landlord. If he can't sell and is going to be foreclosed upon, you'll want as much notice as you can get to find another place. If he does sell, know that your lease will still be in place with the new owner (unless they negotiate something different with you directly).
It has become very common in condo associations- to have the landlord and tenant sign an addendum to leases that allows for the association to collect rent in the event that the owner is behind in maintenance payments.
Don't be confused by the fact that he is trying to sell the property with a short sale. That simply means he owes more on his mortgage than the current market value of the property. It doesn't mean that he has lost it to the bank.
It is no different than if he owned the condo free and clear and was trying to sell it.
As far as you and any other tenants are concerned, nothing has changed.