Keep getting notices from bankrupcty lawyers thinking that the owner of the house lives in the property and it is being rented by 2 people. It was in the news paper that the property is being auctioned off on February 28, 2012 - We have not headrd a word from our landlords about this. Our leave is good form 3 more years does this mean anything.

You have a 3 year lease? That is unusual. Under federal law the new owners are required to honor your lease. However, there are exceptions. At minimum you have to be given 90 days to vacate.