SHould I foreclose and rent

[Monica Graves]

My primary house has substantial structual problems - report shows $20K in repair, needs new roof $5000 and windows/doors $3000, and updates $15000. I am upside down $35,000 from loan to value. This totals $78K in the hole. My payments are $2200 and rents in my neighborhood are $1500. I have 2 foreclosures from last year on my credit, should I go ahead and foreclose on this property and save on my monthly payment. Please help!