You pay rent to the owner -- whether its the bank or a third party. You should ask to see the certificate of title so you know you are paying the correct person/entity. The PTFA protects you to the end of your lease or for 90 days if the buyer is planning to use the home as their primary residence.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
Dear "During the 3 months":
Yes, you still have to pay rent.
The three months' notice you will receive (after receiving notice from the new owner) is longer than the fifteen days' notice requirement to terminate a month-to-month tenancy.
If the bank offers cash for keys you can still request the deposit from the landlord. In the eyes of the law, it is your money. Be sure to read thoroughly any document offered by the bank. Look for any language regarding the security deposit.
Good luck! If you are unsure, seek the opinion of a local attorney, who can go over the facts of your situation and advise you.