This is becoming more common than you realize. It could take a very long time for the short sale to take place and we don't know where your home is in the process. Be sure to check out the legal website posted below. Your owner may stop making payments on the mortgage but you are still obligated to pay the rent. It is possible that your tenancy could run to the end of your lease as lenders are still taking a long time for short sales. So, do your homework and make an informed decision. You might try to renegotiate your lease to put up with the hassles of showing your condo. If your owner isn't making the mortgage, he should be able to give you your deposit back. Would you rather stay or go? Good luck!
Diane Conaway, RE/MAX United, (760) 749-2888