I don’t think you have anything to lose by just hanging out. It’s a distant possibility that the process will take long enough that your lease will end before the bank takes the property back. It’s also possible that the bank would allow you to remain in the house (paying your rent to them) until your lease runs out. Having a tenant who’s paying rent virtually ensures they won’t get the house back in shell condition by the time they foreclose.
A property manager would not normally be privy to a homeowner’s solvency. I wouldn’t assume they were acting in bad faith unless you come across information to the contrary.