I have recently found out that the unit I am currently renting (in Virginia) is getting foreclosed on. Am I obligated to terminate the lease without any negative effects when the new owner takes possession?

The new owner must honor the lease, which means you have to as well. The exception being if they want to move in. In that case, you will be given 90 days to vacate.

If you want to leave earlier, that will be between you and the new owner.