My Landlord has been served a "Notice to Quit" from his Bank. Landlord and Agent are saying its all good......?

The bank will take possession of the home BUT there is good news. On May 20, 2009 President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure. Meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days notice before having to move out.