Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - House is foreclosing... should I declare bankruptcy first to save my credit score? - I stupidly cosigned for a mortgage with my ex fiance (before he was my ex of course!) and I just found out that he has let our home enter the foreclosure process. I'm left to wonder...

With a credit score of 660 (as of last week) before the foreclosure hit my report, should I quick declare bankruptcy before the foreclosure hits it? With bankruptcy I read that within two years I can rebuild my credit back to where it was (or better), although there will be a note on my record that I had the bankruptcy. On the other hand, it seems like if I allow the foreclosure to go through it can hit my credit score for up to 200 points and keep it low for 7 years or more.

Advice? From what I'm reading it sounds like I should declare bankruptcy, but I want to get all the perspectives and opinions on this first. -