What in the long term may be more damaging.

[rdrector]

What is the name of your state (only U.S. law)? Maryland. Facing either Foreclosure or bankruptcy, hopefully not both. If I need to decide which route to take, Foreclosure, find new living quarters. Or bankruptcy and continue the mortgage (joint holder) which would be the best option as far as long term credit damage and future needs? Pros - cons to both? Please help with constructive ideas. Which can I overcome sooner then later, which will most likely damage my credit score longer or which would prevent future lending for a longer period of time.

Lost 80k year job after spousal affair which resulted in termination from employment due to charges being filed against me. Looking for new more but reality shows I will not be able to retain previous salary for several years at least.

Thank you all for any solid information.

 

[FlyingRon]

First questions is what other debt do you have other than the mortgage? Second, you mention joint holder....what is your relationship with that person?
Both options are going to trash your credit. Frankly, it's not clear you'd avoid both anyhow.

 

[rdrector]

First questions is what other debt do you have other than the mortgage? Second, you mention joint holder....what is your relationship with that person?
Both options are going to trash your credit. Frankly, it's not clear you'd avoid both anyhow.

Other debts would be an auto loan and numerous credit cards. Joint owner is spouse whom may be in process of divorce anyhow.