Renting a home entering foreclosure

My wife and I have been renting a house through a property management company for 2 years. Last month, we received a notice of default with specific info on the house and possible foreclosure actions. I called the property management co. And they were unaware of the default and said they would contact the owner. 2 weeks later a hadn't heard anything so I called again and they said they haven't been able to get a hold of the owner, but received an email that he was letting the property go into foreclosure.

The default notice says the owner is 5 months behind on payments of $834 / months. My wife and I have been paying $1250 and haven't been late on a single payment. We are trying to gather as much info to see what are options are. Buying the house is an option but we're not sure if that's what we want to do.

Should we notify the mg. Co. That we are going to put our rent amount in a separate account until the foreclosure process is complete? We've already paid over $6,000 to the owner in rent who isn't trying to save the property. We could have put that towards a down payment on the house.

What options will the bank give us if we contact them directly?