Originally Posted by Gumby
It has been my experience in legal disputes that it is always better to be the one holding the money than the one trying to get the money.
Unlike several of you I am not a lawyer or a landlord, but I can't imagine why you would continue to pay rents in this situation.
The likely case is you would lose your deposit and still get evicted after the bank foreclose. I'd tell the landlord (assuming this a single family home/condo) that you'll use your deposit as the current month rent, and you'll be happy to make any back payments plus penalties if he brings the house out of forclosure. But you clearly don't want to be in a situation where you pay a months rent only to find out from the bank that as last week he was no longer the owner and you own the rent to the bank, then find out you lose the deposit.
If he starts eviction proceeding than you can reassess the situation, but I think you might as well start looking for a new place to live.