@Ready to move,
No, you don't have any special "rights" just because the owner is in negotiations with another party (even though it's the bank.)
Your contract with him is far away from anything he has with the bank.
Ask if you can leave. Most likely you will lose the security deposit IF he says OK. But you have a legal contract with him and he COULD make you keep the terms of that contract by insisting you pay the full terms of the rental agreement.