My question involves bankruptcy in the state of: MI
I filed for bankruptcy in 2005 with my mortgage on the schedule of debts. At the conclusion of the bankruptcy process, this mortgage debt was never reaffirmed yet I still continue to pay the mortgage and live in the home. The home is very old and in disrepair and I am 99.9% confident the value even with repairs is not worth paying on it for 20 more years to eventually own the home. As a result, I have the following questions:
1) If I stop paying the mortgage, would foreclosure occur and is it defined as the process of the bank taking on ownership of the Title/Deed on the home?
2) Would a foreclosure affect my credit rating now even though the debt legally isn't mine as a result of the bankruptcy seven years ago?
3) How "public" is foreclosure? Is this something that shows up in newspapers or easily found public records?
4) Would foreclosing now affect my ability to buy another home?