How does foreclosure after BK discharge affect credit.

[adviceplease]

We are foreclosing after discharge, how much more of a hit will we take on our credit in addition to the BK, and what additional wait will we have to get a new home loan? How about eviction? Thanks.

[tobee43]

well, actually it doesn't matter much credit wise. unfortunately the hit will be there for a while either way. now, my understanding is if your mortgage was discharged and is IIB the foreclosure should not show up. however, i have heard stories that they do. however, even if you apply for credit there is a record when any bank does a search.

it's been almost 4 years for us and still no foreclosure, we surrendered our house and our credit scores are in the 700's...however, i'm certain we couldn't get a mortgage anytime soon from a bank.