As a function of that foreclosure process a Mortgagee is require to make known to the Borrower certain alternatives to foreclosure such as selling the property, refinancing the loan, surrendering the deed, qualifying for relief on the loan through forbearance or modification.  

We tried this back in the day after someone totaled our car - it was a blessing in disguise, what a relief.

Having our properties under our own name, gives us a huge tax relief on income taxes since we are funneling our profits into upgrades and large item repairs that are considered upgrades on taxes (stucco redo on outside of apartment building).

Is it reasonable to assume that there might additional tax relief  through depreciation, and expenses etc on top of it? 

In some cases a bank or lien holder may suggest that as an avenue of relief, but the home owner has to pursue that option.  

I quote right from the IRS website " Update Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.

Plus, if I gave up the appraising license and just held the agents license while investing, that's a big relief of personal liability I'd be rid of as well.

Without relief many of us will be forced to exit the business in a short time.TAKE ACTION NOW...- Call YOUR representative and tell them to co-sponsor H.R.5667 (go here to find your rep

So that's a relief!!

It was just such a relief to have all my power tools, cuisinart, and kitchenaid arrive with me.