Tim is correct. The lease survives any foreclosure. I should say, any bonafide lease survives the foreclosure. If the previous owner filled the units with family or, below market rates, they would not be honored. Read the Federal, "Protecting Tenants at Foreclosure Act" of 2009 and updated and modified by Dodd Frank reform and Confsumer Financial Protection Bureau this year. Tenants have rights and are not subject to eviction.