I own a salon & the landlords stopped paying their mortgage so the bank posted a Notice of default. Does that void my lease?

This is a commercial building and a commercial lease right? If yes, it is very early in the process and your landlords may well get their act together and get the mortgage paid or refinanced. If your landlords do get foreclosed, the net result is you will have a new landlord. No one can lock you out or steal your stuff. (Well, except maybe a burglar). I've had clients in commercial premises with commercial leases become aware that the underlying mortgage was in need of restructuring, but not once has a commercial tenant been locked out or had their stuff taken. You and your other fellow tenants are what make it possible for them to pay the mortgage. It is in their best interests to treat you well, and cure the default. Can you leave? Look at your lease. What does it say? Is it a month-to-month? Has it expired and not been renewed? If yes, give 30 day's notice tomorrow and be on your way by the end of the month. If no, then just be sure you pay your rent and you'll likely be fine. Elizabeth Powell

Ownership of real property does not change hands until an actual foreclosure sale takes place. Consequently, your landlord, as owner, is entitled to payments under the lease and I have never seen a lease, commercial or residential, that had a foreclosure escape clause standard, you would need to read your lease and see if there is any mention of remedies in foreclosure or bankruptcy. I recommend to my clients that they approach the landlord for assurances. Your lease, if it is longer than month to month, may create a duty on the landlord to provide the tenancy, and foreclosure could be a breach at the point of sale. The Notice of default is a preliminary document, you will want to see what the Notice of Trustee's Sale says which will come out about 30 days after the Notice of Default.