Foreclosure Advice Needed

My wife and I moved to Nevada in May and have been leasing a home since then. We have a lease that takes us to May 2011. I received a Notice of Trustee's Sale on my door Friday morning. So after speaking to my landloard it looks like he is losing the home and it's set for public auction January 4 2011.
So my question, as a tenant do any of you know what I should expect going forawrd? We are current with our rent but will not be paying the landlord in January as he will no longer own the home. Should we reach out to the bank that holds the mortgage and offer to pay them the rent owed?
I was also thinking about going to the auction to see if it sells or goes back to the bank.
Any thought or advice would help.