There are a lot of questions that need to be answered to know what you need to do. Do you have a lease, or are you on a month-to-month? Who is the lender? Is there more than one lien on the property? What did the notice say? Is there a foreclosure sale date set yet?
You could be in a good position, depending on the timing and who buys the property. Investors make-up a large percentage of buyers these days, and the best thing for them is to have a tenant already moved-in. On the other hand the home could sell to someone that wants to move in which means youâ€™ll have to move. I know this is a scary situation for you to be in, but you do have rights as a tenant. Ask lots of questions and get professional help if you are not comfortable with what you are being told.