Renting a house in Short Sale

[Scott Simmonds]

We signed a lease agreement to rent a house in South Carolina. Oct. 2011 - july 2012 with an extra 90 days (october 2012) to vacate after or continue renting. About 4 or 5 months into the contract, the Landlord informs me that the house is going into short sale. He is holding 2 months worth of rent for our security deposite. My question is, if someone purchases the house from the bank/owner, do they have to follow the original contract and allow us to stay in the house until october? Should I still be paying rent considering he already has our 2 months up front.
Any help is very much appreciated.

Scott