many questions

[SeekingZero]

I am discharged, and I have decided to abandon or sell the house. I have a few thousand in equity after commission. it would be better for me financially to just stop paying the mortgage, and save up money each month until foreclosure, then go rent a place, then have some money in the bank.

if I do this, what further harm could it do to my credit? Will a foreclosure show up on my credit? Will it make buying a house in the future more difficult? will I still owe taxes to the town? what other bad things could happen to me?

[kberly69]

I can't answer all of your questions, but I can say my foreclosure doesn't show up as the F word on my regular credit reports. I think I heard somewhere that mortgage companies can see it on your mortgage score and that it may be coded on your regular credit report as a foreclosure. It does show up as a 120 day late, however, which is very damaging. I don't recall the timeframe following foreclosure but I think it's 3 years before FHA will consider you, longer with a conventional mortgage. What's keeping you from just selling?