Foreclosure auctions happen on the court house steps (in the Lobby) and the property is put up for highest and best bid for cash. Normally at or above what is owed on the note plus any late charges and attorney fees.
As a renter your agreement may have language in the lease in regards to the possiblity of foreclosures.
In most notes their is a clause that all rents and monies received from rents are to be deposited to the financial instituion holding the note. However it is never addresses the renter in the regard to foreclosures.
I would read my lease agreement then seek legal advice if I thought it was needed and also I would start looking for a new place to live.
You could also call the property management office and see if they are in touch with the lender and have worked out a deal with the lender in regards to the tenants.... more