They can't 'evict' you if the current owners are in foreclosure, however they can terminate your lease with the proper notifications. If they are doing a short sale while in the foreclosure process, you can notify the listing agent that you would like to be considered as a tenant if the new buyers are going to be renting the property. However, a short sale can take quite a bit of time, where will you be living during that interim?
The same with the home if it goes to foreclosure. There will be quite a time delay in turning it around, putting it back on the market, closing the escrow with the new buyer....
Dan & Tish Abraham http://www.DanAndTish.com
Best thing you can do is keep an eye on it. and perhaps send a letter to the address from time to time stating you'd like to rent.
All the Best
Dave & Lisa