Don't send him the lease. Just because the owner/landlord does not pay the mortgage and the house goes into foreclosure, does not mean that you are relieved from the liability to pay the rent. The owner/landlord has the legal right to collect rent and sue to evict you and for a judgment for past rent due, up until the time the court ratifies the sale after a foreclosure action is filed and the house is sold at auction. That process could take more than a year. It has no effect on your rental obligations. The eviction process can take a couple months, and even after judgment of possession is granted, you usually have the "right of redemption" by which you can stay in the property if you pay back all the back-rent due and continue making future payments. If you do not redeem, the Sheriff will give you a two week notice before forcibly evicting you.
Here's a link for more info: http://www.oag.state.md.us/Consumer/landlords.htm
My colleague is correct. The landlord's obligation to pay the mortgage doesn't affect your contractual obligation to pay rent under the terms of your lease. If you fail to pay the rent, not only could your landlord evict you, your landlord could also take you to court for any rent due and owing under the terms of your lease agreement.
DISCLAIMER: Brandy A. Peeples is licensed to practice law in the State of Maryland. This answer is being provided for informational purposes only and the laws of your jurisdiction may differ. This answer based on general legal principles and is not intended for the purpose of providing specific legal advice or opinions. Under no circumstances does this answer constitute the establishment of an attorney-client relationship. For legal advice relating to your specific situation, I strongly urge you to consult with an attorney in your area. NO COMMUNICATIONS WITH ME ARE TO BE CONSTRUED AS ARISING FROM AN ATTORNEY-CLIENT RELATIONSHIP AND NO ATTORNEY-CLIENT RELATIONSHIP WILL BE ESTABLISHED WITH ME UNLESS I HAVE EXPRESSLY AGREED TO UNDERTAKE YOUR REPRESENTATION, WHICH INCLUDES THE EXECUTION OF A WRITTEN AGREEMENT OF RETAINER.
The answers provided are correct. To answer your question of how long it would take to evict you if you don't pay your rent, it depends on how quickly the landlord takes action. The landlord can file a failure to pay rent suit. The hearing will be scheduled quickly (approximately 2 weeks). If a judgment for possession is entered, you will then have 4 days to pay the outstanding rent. If you don't, the landlord can then file a writ and have you evicted. That process will take 2-3 weeks, depending on workload of court and sheriff.
This should not be construed as formal legal advice or the offer of the formation of an attorney/client relationship. There is no substitute for taking the time to consult directly with an attorney regarding your specific legal needs and issues.