Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
The bankruptcy won't go on your credit until the judgment is rendered -- which, on your facts will never happen. However, the foreclosure will only be temporarily delayed by the bankruptcy. And, if you yank the bankruptcy, then the lender will be free to foreclose immediately.
Basically, you will lose the house either way -- bankruptcy is only viable to get rid of the possible deficiency judgment(s), and to wipe out credit card and other personal unsecured debts.
Terms and Conditions: By your continuing in this conversation with me, or by your clicking "Accept", you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.