Can we please get a "Sticky" for this question???

[fred333]

I think living in a house is like life where it changes as you get older.

[RickInMich]

Why would you walk away?

But, if you walk away 2 years after BK, that is Bad; no if, ands, or buts, about it. It would be a foreclosure, and since it is 2 years past BK, that foreclosure would reset the clock on your ability to get home financing.

If it is really your plan to walk away from you home in two years, do it now as part of your BK.

HHM, patience on this, please. I could certainly understand if you wanted to bang your head on the wall.

We were discharged March 10, 2008, case is now closed. We have decided now to just let the house go since we will most likely be moving out of state anyway, and we are way upside down due to having 1st and 2nd mortgage. Obviously, it will take several months to go through the process, redemption period, etc., before foreclosure is complete Do you think this will still look (subjectively, I realize) to lenders as one event? What if due to the mortgage mess it actually takes our mortgage company a year to complete the process?

One last clarification, and I realize now from your posts these are probably separate issues. No matter how long you wait to let your house go into foreclosure after BK (where you did not affirm the mortgage), it cannot affect your credit score, correct? They cannot report negative information after bankruptcy since it was included in bankruptcy, right? I have noticed on my credit reports that my mortgages have not been IIB, I don't think. Anyway, I'm just simply talking credit score, nothing else.