Are two foreclosures just as bad for your credit as one?
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Answer:
One foreclosure is bad enough, but two, yes, it will lower your FICO score among other credit indicators. If they are occuring at the same time, you are in luck because they are disappearing at the same time (7-10 years after the incident). I've seen credit scores dive up to 200 points after one foreclosure, I can only imagine what another foreclosure will do.
Good luck and if you want to learn more about foreclosures and how the process works (and how to invest in them in the future), read this book: Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days [ISBN 0978834682] by Don Sausa
It's going to ruin your credit for a while no matter if it's one or 101. Bottom line is you can't afford your current situation. Why worry about what you can't control? Should you stay in your condo and live to pay a mortgage? Hell no! The credit ramifications are not something you can control at this point. So what!
You may not be able to purchase a home for a few years, but at least you will be able to breath. You are more than a number on a credit report.
I'd say that two foreclosures would be three times worse than one. You won't be able to get another home loan for a very, very long time.
doesnt' matter really. i'd try really hard to sell the house and the condo before walking away from them. i wouldn't expect to make a profit in today's market...maybe you could get the lender to approve a short-sale. at least you tried.
Twice as worse, shows a lose of responsibility credit wise on not only an owned rental property but also with the primary.
It's like the difference between stepping one land mine or 2...
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