A foreclosure will affect you for years to come.
A foreclosure may hit your credit score by as much as 200 to 300 points. It will stay on your credit report for five to seven years, making it difficult for you to get a new mortgage or other financing. It may even affect your employment.
Know your options.
Even if you are delinquent on your mortgage payments, you probably have several options available to you to avoid foreclosure - especially if you take action early in your delinquency. Professional advisors can review your situation and help you to understand your options.
Many struggling homeowners have chosen a short sale as the fastest and most permanent way to shed a mortgage that they had no hope of ever being able to pay - avoiding foreclosure and the damage it would bring to their credit report.