Step 1:
 *Call your unsecured creditors such as credit cards and make current payment arrangements - Call multiple credit counseling services, get the best deal, they are not all the same.
The new bankruptcy and credit laws allow creditors to place liens against your property for outstanding debts. Contacting your creditors beforehand prior to listing your property will avoid closing delays.

Step 2:
 Save Money- If you are credit challenged, rentals and leases deposits can be costly resulting in four times of the rent. It is wise to begin saving money once you discover your home will be in a foreclosure.
Save your MONEY! You will need 3 month 1st Month, Last Month and and a Security Deposit.
You may need two months bank statement to proved to the landlord that you can pay the rent.
You will also need 2 to 4 pay stubs from your work.
Please be prepared: We will help you avoid the pitfalls, you may need more information available to get the home you want.

Step 3:
 Begin looking for a rental after 90  to 120 days from your default notice. Living in your home in the process of a foreclosure will lesson your chances of obtaining a qualified buyer for your home. Allowing your home to be empty will better your chances for a sale.

Finally, if the home being short sale is rented, advice your tenants to leave the property.
You can not collect rent on a home in foreclosure process.