Salvagable credit after losing investment property to bank

[Administrator]

My husband an d I purchased a Florida investment property in our names. For 2 years we had renters, they moved out and we cannot find anyone to rent the place. We cannot make the payments any longer and have property up for sale at 100k less than we paid, 50k less than we owe. We are hoping to find a short sale buyer. If we can't, what is our next best option -- Deed In Lieu, bankruptcy, let it go into foreclosure? Our biggest concern is tax consquences and our credit. We want to be able to move from our primary residence into a bigger primary residence in the coming years.


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(Source: mortgagefit.com)