I see your questions have been answered very well here. The Seller may be interested in proceeding with a short sale, which would potentially postpone that rapidly approaching sale date, and give you more time as well. If you have any interest in purchasing this home, you may want to let the seller know this. Most often, a Short Sale is infinitely better than a Foreclosure and many of the banks even pay a relocation expense, so it is worth looking at all options. Hopefully you have a good relationship with the owners, I would speak to them immediately. Let me know if I can help in any way. Good Luck & Be Careful!
Chris Gorno, CDPE
Windermere Real Estate SoCAL
Chances are, that you will need to find another place to live. The banks will not abide by the rental agreement that you and the current owner established.
You are in Rancho Bernardo, probably very close to where I am responding to this. At any rate, you should probably let your landlord know that you received this notice of trustee sale. I'm sure they are aware of their financial situation, but may not be aware of when/if they had received this notice. They may look to get a loan modification, a deed in lieu of foreclosure, or a short sale. In the event they don't do anything and it actually goes to auction on 1/25, the new owner may be someone who buys it at auction (buying it "as is") or if nobody bids on the property, it reverts back to the bank at the minimum opening price. Jim made a few good points already, so no need to rehash those.
Chad Basinger, REALTORÂ®, CPA, CFPÂ®