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Does is make a difference if you have one foreclusure or 2?

Updated: 8/18/2019
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Aromatic56

Lvl 1
13y ago

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The first foreclosure will have the largest impact on one's creditworthiness as the home is considered the most important asset to protect (largely by keeping up with mortgage and tax payments). The belief is that if one does not keep up payments on their home, why would they keep up payments for anything else as anything else is insignificant in comparison.

The foreclosure will stay on your credit record for up to 10 years and will negatively impact your credit score throughout the entire period.

If you got your second foreclosure within those 10 years, your credit rating will be lowered, but not as much that resulted from the first foreclosure.

If you got your second foreclosure more than 10 years after getting the first, your credit rating will be negatively impacted to the same level as the first was.

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Q: Does is make a difference if you have one foreclusure or 2?
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