The house I have been renting was foreclosed on. Does the bank have to give me a 30 day notice? live in Oregon

Question

The house I have been renting was foreclosed on. Does the bank have to give me a 30 day notice? live in Oregon

Answer 1

If your lease was signed after the date of the mortgage (almost always) then your lease is wiped out by the foreclosure and you have to leave now.  You might have recourse against the former owner but you have to vacate.

Answer 2

You get notice and then you are evicted if you don't leave.

Answer 3

You actually have many options if you want to stay there.  My aunt used a loss mitigation company to "redo" the terms of the loan at an interest only payment at 3.5% for 4 years.  The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure.  She went through the free evaluation form at www.totaldebtsolutionsllc.com and a rep called within 24 hours.  Best of luck whatever you decide.