Landlord has defaulted on his Mortgage

I have recently discovered that my landlord has defaulted on his Mortgage and the rental property (house) that I am currently living with along with 2 roommates is scheduled for foreclosure. He does not yet know that I am aware of this fact. I live in Nevada, and am in the middle of a 6 month lease. What is our best course of action?

Thank you--

Stay put an continue to pay the rent. Your lease is only 6 months. A foreclosure takes a long time from start to finish. It is very likely that your house will still belong to the owner until after the end of your lease. It is now only in pre-foreclosure status. Many papers need to be completed and filed with the court before it moves to foreclosure. Then they will schedule the auction and publicize this in the papers for a month or more before the sale. Once it is sold, it can take up to a month after that for closing. It is quite likely your lease will end long before all of this is done. It is also possible the owner will refinance or do a short sell prior to this to save his credit. Your lease will endure this sale and you will continue to live there and have rights as a tenant. Sit tight, you have nothing to fear yet.