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I went down for a little over 800K a few yrs back.
Foreclosure will take at least 4 months and they cant even begin until after the bankruptcy is discharged ( there are some ways they could speed it up , as advised talk to your attorney to protect from that)
as far as renting, she will need to do that before the forclosure or most places wont do it, or else look in the paper for individual owned places and not apartments or property managers etc....
usually it will require a bigger deposit. and extra security deposit. but many will still lease/rent to you
what state are you in ? ( well is she in)
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