Derick, first I am a real estate broker not an attorney, however much of my business is purchasing foreclosures for my buyers and investors. It is up to the bank to foreclose on you not you filing. Now if you want to try and salvage your credit some you could do a short sale and if you are interested in that I will gladly pull the information on the property that you are wanting to walk away from and speak with your lender to see if they will work out letting you sell the property and walk away from it and move on with your life. I will also bring in an experienced real estate attorney to assist with the negotiation and find a buyer for your property.. I have also done a few short sales representing both the sellers and some the buyers purchasing short sales. I also have short sale certification.
Let me know if I can sit down with you and go over all of this with you about the process to see if this is a possible better solution to what you would like to achieve. A short sale is a gentler hit on your credit and easier to recover from and move on with your next path in life.
Deborah Miller, Real Estate Broker SFR
Coldwell Banker Advantage 919-491-2826