2 foreclosures whitin 12 months!

[Anonymous]

I know that a foreclosure lowers about 200 points of your score; now, how do 2 foreclosures affects it? Is it as bad as a bunkrupcy? Does someone know?

Thank you.

[DallasLoanGuy]

This is a better question for the credit forum....

We deal with people who are buying houses.

[Anonymous]

I would not expect the 2nd to ding your score too much -

1 PR or 5 PR's scores the same- it's about how recent and how severe.

You are going to need to pay everything perfect and re-establish revolving accounts and you WILL recover.

Expect adverse action from existing creditors- so be ready

[ShanetheMortgageMan]

I haven't ever seen a foreclosure listed in the public records section of a credit report for any applicant, that's not to say that they couldn't be listed there, but it never appears in that section.  The trade line (mortgage) that went into foreclosure usually just has "foreclosure" or "foreclosure proceedings initiated", etc. listed on it - typically followed by your mortgage payment history (120 day lates or what have you).  I have seen some people with just "account in foreclosure" listed as well, with no adverse payment history, it all depends on how your mortgage lender wants to report it.  Your score doesn't automatically drop 200 points, it depends on what your credit profile is like.  If you have thin credit, and don't have many more than a few trade lines, then when one of those trade lines has negative information on it, it's going to have a huge affect on your FICO scores.  If you have a thick credit file, with years and years of history, and dozens of trade lines, and one of them has negative information, the impact won't be as great.