Your landlord is most likely working with his lender.
I just helped my client get a $250k principal reduction with Chase which allowed them to keep their rental.
Depending on when you signed your rental agreement and how long it is for, you may be safe no matter what.
In CA where have a renters in foreclosure protection if the renter signed a lease before the home went into foreclosure and the lease is for 2 years or 3 years etc and the home sells the new owner has to honor the lease.
You have to make the payments thought no matter what. Typically what will happen is the lender wants proof the landlord has ability to pay and is looking at their bank statements. If you don't pay, they won't get approved. Additionally if you don't pay you will get evicted.
The economy is a mess. Homes are considerable underwater. I know some are not getting paid onetime and some are vacant. Work with the owner and you should be fine.