Foreclosure vs chapter7 california?

Question

'm 25yrs old, have zero credit card debt, no student loans just my house that has just received a notice of default. Which would have a greater impact on my credit score a foreclosure or chapter 7 bankruptcy filing? I know a bankruptcy lasts about 7 years but how long does a foreclosure last, or better yet how soon can I buy a house after foreclosure? I'm fairly certain that a bankruptcy would be worse but i'm concerned that my lender might try or has the option to get a deficiency judgment since I refinanced a year ago. From what I understand the lender has two options (California Law) a private sale or judicial proceeding. I'm hoping for a private sale which will pretty much keep me in the clear. How often do lenders go with a judicial proceeding?

Let me reiterate:

Which would have a greater impact on my credit score a foreclosure or chapter 7?

How long does a foreclosure last?

How often do lenders go with a judicial proceeding?

Answer 1

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Answer 2

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