can I foreclose on a rental property and buy a another property and take advantage on lower real estate values. What are my tax obligations. Pleases help desperate for answer. Thank you

First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

We need more details. Are you holding the mortgage on a rental property? Or are you the owner?