The following is just a general discussion, and is not Legal Advice. Only an Attorney can give you Legal Advice. See a Qualified Attorney for Legal Advice.
A lease is a lease, and if the Landlord is still "Owner of Record", the Lease may very well hold up in a Court of Law. But Some Renters believe that the Landlord (who is heading into Foreclosure) may not go to Court; so the Tenant attempts to "re-negotiate" the rent with the Landlord.
Real Life Example: I know a man who was paying $2500 rent; he found out that the Owner was in "Lis Pendens" (approaching Foreclosure). He told her what he knew, and said he could only pay $1000 per month, otherwise he would move out. Since she was just pocketing the money, and did not want to lose him as a Tenant, she agreed. He lived there for close to one year, at $1000 per month instead of $2500 per month. A substantial savings, to say the least.
But again, I advise you to seek the Advise of a Qualified Attorney before breaking a Lease or failing to pay on a Lease - unless the Landlord agrees in writing to accept less.
Best wishes to you.