Is it best to let go of a property you own?

[Jorge Ramos]

I have complete power of attorney on his behalf so I can basically make any financial decisions for him. His property owes probably over 200k in late fees and regular payments. 

He already received a 30 day notice. Is there any way to turn this around? Since i'm just getting started in real estate, I see this property and its so hard for me to think that there is no other option.