I am pleased of this information, but i am seeing on the internet multiple places were: they are saying that it will report the foreclosure on your credit score.
Though your bankruptcy was discharged, still the lender has the right to collect the mortgage dues from you. If you walkaway from the property, the lender will have the right to foreclose the property. The foreclosure will also badly affect your credit and will lower your credit score by 250 points.
Even if the debt was discharged, and you don't owe the money, the fact is that you didn't make payments and they had to foreclose to take legal title to the property. You might get them to stop reporting it by complaining often enough, but legally they are right. The bankruptcy just stopped them from being able to collect the debt.
Now, we owe alot more then what this house is worth, and it would be best if we could walk away. But we want to be able to buy a house in a year or so, and from what I see you have to wait 2 years after BK, but if a foreclosure is added on to my credit report then it will not happen. I need to make sure I am making the write choice,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).