Foreclosure after BK question

[monkatom]

So my BK closed on May and teh two mortaggaes show as IIB on my credit report. I have continued making oaymnets on time. I am not considering walking away as the monthly payments 4200 leave me broke and struggling each month. So per my lawyer I can stop paying save up the money and in 8-10 months when foreclosure goes through rent a place. Then I can work on building my credit and since rent will be lower than 4200 save additional money for a down paymnet in a couple years on a new house using the FHA loan if possible. My lawyer also said the hit to credit score will be minimal due to BK. I just wanted to verify that this is correct and if this sounds like a good plan? I did not reaffirm BTW.
Thanks

[StartingOver08]

Your lawyer is right. The mortgage is in BK - your personal liablity was discharged (I am assuming you got the discharge in May).

You did not reaffirm the note for the house, right? You are good to go.

Now FHA wants to see 4 yrs instead of 2 yrs from a BK, but that just gives you more time to get on your feet and save more money. Besides, there are other ways to buy a house besides FHA.

[monkatom]

correct discharged in May and did not reaffirm either loan. So If my Faco score is roughly 620 now after the BK will I get a big hit with the foreclosure? Also how much will the foreclosure effect getting a future mortgage or not much since it will show as IIB as opposed to foreclosed? I guess I do not want to stop making payments and do my plan, unless i am sure I can get a house in the future. If it came down to it we could live off roman and keep the house.
Thanks

[monkatom]

does anyone knwo what the chances of getting a loan will be like in two years if i build up my score and have about 10-12% down payment for a home? It will be hard to get 20% as houses in San Diego are still pricey