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If the mortgage is not paid, the house will eventually be offered for sale at an auction, which will be open to the general public. You will not be able to get "first shot", even though you are currently a tenant, but you will be able to bid on the house, along with anyone else interested in doing so.
Once the house is sold, the new owner must honor your lease, unless he will be moving into the home, in which case, you have to be allowed at least 90 days to find a new place. The 90 days also applies if you have no lease when the house is sold.
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If you have reason to believe your landlord no longer has your security deposit available, it does make sense to apply that deposit to the last few months you are there before the house is sold.