Look at the terms of your lease. Does it say that you can break it if there is a NOD on the property ?
If not, I am positive that a judge would rule in favor of the owner for the rent owed.
Remember this is a NOD, not a NOT. What if they cure the default by paying up (or their rich uncle does it as a favor ? What if they are in a position to work out their loan with the lender. You still owe the rent either way.
I would worry, however, about getting my deposit back in your situation. Consider paying as late as you possibly can each month (while avoiding additional fees, if any). If they give you a 3-day notice, then deal with paying up. My guess is that if they are ultimately going to be foreclosed upon and if you make up some excuse why you are a couple weeks tardy they will not try to evict you.
