Whats worse?

[mere2368]

I am in a situation where its going to be bankruptcy for foreclosure.  I know I can file bankruptcy and get off of the mortgage (shared with ex boyfriend).  Which would be more damaging to my credit report... foreclosure or bankruptcy?  Heres another thing... supposedly it could be a very long time before the forecloisure happens due to liens on the house.... so I am still getting month after month of negative report on my credot report from mortgage. 

[Anonymous]

Well, if you file BK you won't get anymore lates on your credit from that point onward. BK stays on your credit report for 10 years, foreclosure for 7. You have to be 3 years from the sale date of a foreclosure before you will be able to buy another house, but there is little you can do about that. A short sale or deed in lieu of foreclosure starts the clock ticking on the recovery time a lot faster, but if there are liens and such that may be difficult to do. Who is living in the house? What other debt and resources do you have?

[Anonymous]

I'm not sure if you are aware of it or not, but if you file a BK the house will still go through F/C if both you and boyfriend are surrendering your interest.