Q: Renting a room in Oregon, current landlord is about to lose ownership of the house. What happens to me?
I have a one year lease. I moved in 8 months ago. I pay 400 a month for 1 room in the house. Landlord had some kind of high risk loan set up and if he misses one payment the house reverts back to the previous owner (at least thats how the landlord explained it)
A: IF you have a term lease with the current owner, any new owner is normally obligated to honor that lease agreement. They may or may not have to re-new the lease when it expires, but the room is likely to be yours until the lease expires. Whether you or the new owner wish to share the rest of the house together is a totally different issue but IF the new owner wants you out before the end of your lease, you may wish to go along with that for the proper consideration payment of course. Good luck.
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