Many leases state that if BOTH AGREE, then the lease can be formally ended early. Best idea is to ask the owner to agree to that! and in writing. Since you obviously can't pay, it might make sense to him/her. Make sure you are giving notice at the very least, and make sure you are taking all utilities out of your name when the Mfg home passes to the new owners (bank). etc Tie up those loose ends!
It wouldn't hurt to go to the Oregon statutes pages about mobile homes and leases etc.
READ THEM. and see an attorney.
One is the foreclosure on the mortgage. And you understand that part of it.
The other is your rental agreement with the owner of the land. That's governed by your land lease. What does it provide? I assume (always dangerous) that when you "walk away" from your home, you'll stop paying the rental on the land, too. If that's the case, what does your rental agreement say about defaulting on your rental?
Both Corri and Kevin offer some good practice advice and experience on what may happen. But first, as far as your responsibility to the land owner, look to your lease.
Hope that helps.
From past experience with this situation, the bank removes the manufactred home from the land, and yes, they can. This is something the land owner should have been aware of before renting the land to someone with a mortgage. You, as the tenant on the land are still responsible for honoring the lease if there was one.
Sometimes there are also other things involved in this situation such as a well/septic system and/or electric to the home. This can all get complicated, but it depends on the agreement/contract for renting the land.
I would advise you to speak with a real estate attorney to make sure you are aware of what to expect, and maybe how being proactive can help you in the long run to get a better start when you start over.
Good luck to you