You can get a tenant even if the rental income does not cover the payments. However, you may need to cover the shortfall out of your pocket. The question is, if you are living elsewhere, can you afford this? If you are living in the unit...why move and rent out the unit?
You may have been denied a modification for a number of reasons, two of which may be that you do not have income and/or you do not live in the property (meaning, this is not your primary residence).
If this is the case, your next step may be to attempt a short sale (selling for less than what you owe and getting your lender to accept the short payoff).
To find out more about your options, please jot down this date and RSVP to learn more:
This is a Free informational seminar being held on June 29th (last Tuesday in June), that will cover all options to foreclosure.
Be careful with getting advise from non-professionals actively working in the field. Take a look at the following links for more information:
By all means...attend the seminar and get informed. 7 out of 10 people who lose their property to foreclosure do so because they failed to seek professional help. RSVP today and make sure to attend this free event
Sorry to hear about your situation. Yes, in Florida, listing your condo with a Realtor and placing it on the MLS for sale is legal even though you are behind on your mortgage payments and maint. fees. That is what most people who have listed their property as Short Sale are facing.
Best of luck with your listing.