Help! Can I be evicted because of the fair foreclosure act?

Your question requires an attorney consultation. It is not a simple question that can be answered on this type of forum. There are many factors that would need to be considered and evaluated. I strongly suggest that you contact an experienced real estate attorney for a face-to-face consultation and give him/her all of the facts surrounding your situation. He/she would then be in a better position to analyze your case and advise you of your options.

The special rules for the eviction of tenants who were residing in a home before foreclosure, do not apply to a tenant paying significantly less than fair market rental value.

The federal Protecting Tenants at Foreclosure Act would appear to apply to your situation. Under the act, if you have a written "bona fide lease," then, in accord with the lease, you can stay in the property until the end of the lease term (up to one year or until the law sunsets) unless the new owner is an owner-occupant. If the new owner is an owner-occupant then he or she can take possession of the property after 90 days and after taking appropriate legal action to evict you. The act does not define what a "bona fide lease" is, but if you have a lease in writing from a court appointed receiver then I think it would be very difficult for the new owner to convince a court that this was not a bona fide lease. That being said, you can never tell what any particular Judge might decide based on the particular facts in you case.