Good question, subject to terms and conditions you agreed to, you are under contractual obligation to pay the landlord the rent regardless if they pay the mortgage. It's unfortunate but you have a legal obligation to pay. If you are comfortable asking, you can try to renegotiate the terms...make sure you get it in writing too.
If and when the house goes into foreclosure a listing agent on behalf of the bank and/or seller (investor) will typically approach the renter to come to terms with moving out. SOMETIMES, and I want to make sure you understand that SOMETIMES you may be compensated for the inconvenience of having to move out. It is referred to as "cash for keys". Best regards.
If the property starts to fall into disrepair and the landlord does not fix it due to their financial situation, then you may have some recourse for withholding rent.
I advise them to seek legal counsel. Legal counsel advises them to cease making payments directly to the homeowner and see if they can work directly with lender. Lender says they can't do that legally. Counsel continues to tell them to cease making payments directly to homeower and put all payments into savings account.
2mths later homeowner gets default notice and within 6 mos client has now accumulated close to 40k in savings. Home goes to auction and new owners pay client 12k cash for keys. client now has over 50k in savings on accumulated rent alone plus other holdings.
Client accepts cash for keys offer and I sell client home. End of a very unusual but happy story. All kinds of things going on in this wierd and unprecidented RE market today. I'm not suggesting that anyone follow this protocol. It's just a story I'm sharing. Bottom line is always seek counsel on this type of thing first. It could ruin your credit and get you into a whole lot of trouble just as easily.
Bottom line? Every deal is like trying to match DNA. There's about a billion to one chance that you'll ever find one exactly like yours.
Possible way to mitigate future surprises:
1. Foreclosures are public record, so contact any San Diego Realtor here, and they will tap into their tools get you an answer quickly. Then discuss an agreeable solution for a new lease end-date with your landlord.
2. Even though you have protections from eviction in the case of forclosure, I'd re-negotiate the lease end-date and find another place to live.
Yes, the first answer is correct. You need to continue paying your rent as per your lease agreement.
Should you stop paying, the owner would then have legal recoarse against you. For more info. on your rights should the home actually become reposessed by the lender, I suggest you consult with a real estate attorney.