If you are thinking about letting the home go through foreclosure and considering Bankruptcy as an option, and need to rent a home, then RENT before filing bankruptcy. It is more difficult to rent a home after bankruptcy then to buy a home after bankruptcy. My clients have experienced this first hand because they waited until after bankruptcy to rent a home and were unsuccessful. During the time you are in Bankruptcy, you cannot do any business until after discharge if filing a Chapter 7.
If you commented on this before, I am sorry but I deleted by accident. Sorry all.