Renting a house that is being foreclosed

My husband and I have been renting this house for 15 months. We got a notice on Saturday saying that the house is being foreclosed on, due to the landlord not making the house payment. My question is what is our right being the tenant in the house and what can we do if we decided we would like to try and buy the house? Can the bank kick us out of the house and if so how much notice do they have to give us? Should we contine to pay rent? Is this topic a topic that I need to go see a local lawyer about?
Thanks,
Michelle

[OHlandlord]

Was the notice from the bank, the sheriff , or who? Does it say that the property is going to be auctioned or put up for sale, or just that the bank was taking it back? Did it give you a timeline to move out, or was it just notifying you that the house is being foreclosed? You may be able to contact the bank directly and see if they want to sell it just prior to the foreclosure sale. Call the bank and speak to the mortgage dept. Ask them who your next rent payment should be sent to. Usually, as long as the owner is still in possession of the house, the rent still goes to him. However, if your rent is not due until Sept. 1, it may be in foreclosure by then. Continue to pay rent, just check to see who to pay it to. And get a receipt for your rent payment. A lawyer won't be able to do you much good at this point. This disagreement is between the bank and the owner. You aren't a party to this. Good luck.

Also in some cases they cannot kick you out depending on how and when the mortgage was created--so it is worth checking briefly with counsel if you can.

Your lease may continue to be valid through the end of the term, even if someone other than your current landlord buys the property.

The new owner sometimes takes ownership subject to the terms of your lease. Presumably, the new owner will contact you about the rent.