Credit report questions

[Michael Diggle]

Hi everyone so not sure if this is right place to ask this but does anyone know how credit scores work? I had purchased a property 10 years ago, walked away from it in 2007 after losing job and at that time bank not working with me, I was young and just gave up, I'm in process today of getting a mod done but wanted to know if the loan would age off credit report since I haven't paid anything on it in years, it has still not foreclosed which is why I'm trying to get a mod done, waiting for offer to see if it works for me to turn it into a rental property. Or should I just forget about it and let it age off report. Or is that not even a thing lol just wondering Thanks