These days, when renting a house or condo, the renters are really "gambling" unless they take some precautions. I would want to see the mortgage statement every month to verify that the mortgage is being paid. Tax records, too. If you're paying rent, and they're not paying the mortgage, that's fraud.
If you're getting letters about foreclosure and sheriff's sale, I'd seriously be looking for another place to live.
And, even if ALL that happens, you may have rights as a renter. Contact your local office of Community Affairs or an attorney and find out what your rights and options are as a tenant. New Jersey has some of the best protections in the country for tenants. Here, if the owner is foreclosed on, the 'new owner', usually the bank, has to honor the lease as long as the tenant is in compliance, until the end of the lease term. Tenants here cannot be evicted or even offered cash for keys in these situations. It has a tendency to make the banks much more willing to negotiate modifications and short sales AND it protects tenants.