A foreclosure can drastically upset your credit score and should only be considered as a last resort. Some who have gone through a foreclosure claim that the foreclosure dropped their score as much as 250 – 350 points. So if you had a near perfect score of 790, your score could be dropped as low as 440, depending on other bill you may be behind on in addition to the foreclosure on your credit record.
A creditor will not offer you financing for 24 months or more after a foreclosure. This is not only regarding financing for a home, but for any kind of credit – i.e. a car, student loan, department store credit or major credit card of any kind. It may also hinder your ability to get into a rental option, such as an apartment or condo. Many landlords check your credit score to determine your ability to pay the monthly rent. Even getting a phone, cable or utilities can be a pain because they all run your credit. Some employers also use credit score before hiring; especially banks, jewelry stores or any high dollar establishments who fear you will steal if you get into a bind with your bills.
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Remember you have options other than foreclosure. To find out which option is best for you please take a moment to download or free ebook “The Truth About Short Sales, Loan Modifications and Foreclosure” here http://savemyutahhome.com/