This is a great question. In my research over the past few months I have seen that this is really dependant on what State you are located in. Larger mortgage companies like Fred and Fan have put regulations into affect protecting renters. If it was a simple purchase you are ok. However with foreclosures it is a different animal. I as a lawyer have to advise you to seek out a lawyer who is proficient in this matter. I have had various clients come to me and some are still in their home but that is only temporary for now since once the foreclosure come through and an eviction process is started it is only a matter of time before you have to move in cases I have seen. But as I said, you need to find a lawyer ASAP. Keep in mind this is just an opinion since I do not have all the facts.

the lease is good unless the bank take the house in foreclosure
in which case your lease is worth as much as the advice you
will get from a realty broker TALK to attorney if bank takes over
sean

That's pretty much all said in first answer - your lease survives transfer of title. Consult an attorney if any funky business occurs.

Tell your landlord to contact me - visit http://www.longislandshortsales.org

I'll list it for him and explain to him the situation.

A lease always supercedes a sale. If he does sell, the new owner must respect your lease unless one of them buys you out of it.