I would first check with the owner and simply ask them to keep you informed as to what is going on with the property. That is not an unreasonable request since they brought the subject up in the first place.You can also check with the county periodically to see if any foreclosure filings have been made. It wouldn't hurt to talk to a real estate attorney to clarify your position. Also not a bad idea to consider an alternate living situation so you aren't caught off guard--just in case... Good luck!
Email me the address and I can look at the public records to see if any recordings have been made. My contact information is listed below. Even if it went to Sheriff Sale, you still have plenty of time to make living arrangements so don't panic.