As a renter, you're in a pretty vulnerable position. If the home goes to the bank, you'll likely be asked to leave. If an investor buys the property, he or she may be interested in keeping you on as a tenant. It would be a good idea to start exploring your options just in case. And if you can find out who the Trustee is (the attorney handling the foreclosure), you might be able to get an idea of how likely it is that the property is going to be foreclosed on.
This is happening more and more. I am working with a couple that is on there third rental. Before you move into your next rental check the tax records to determine when the landlord purchased the property and verify they are not behind on payments. Call me if you would like to disucss.