As a mortgage professional, I am frequently asked about the effects of mortgage lates and foreclosure on credit scores. CNN.com has a pretty good article regarding this.
Per Fair Isaac, your credit score will take an average hit of 40-110 points for a 30-day mortgage late payment, 70-135 point hit for a 90-day mortgage late, 85-160 point hit for a foreclosure, short sale, or died-in-lieu, and a 130-240 point hit for a bankruptcy.
Pretty scary stuff, especially if you have other derogatory accounts, but good to know.
Samuel Scott Financial Group San Diego
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