As a tenant, you have the right to occupy the property. Homes are generally sold "subject to" the lease, meaning that your lease continues. You mention the declining market. If the home is probably headed to foreclosure, the bank will not have to honor the full term of your lease. I would suggest you have a frank talk with your landlord and ask them if it will be a short sale or potential foreclosure, then contact an attorney for advice.
Please call me at (925) 407-7987 with any real estate questions. Given the opportunity, I will work very hard to help you meet your real estate objectives.
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Empire Realty Associates, 380 Diablo Rd, Danville, CA 94526