Going to try to make this long story short....
I got stuck with a house that I could barely (couldn't) afford after going through a divorce in 2009. After draining every resource I had to maintain the payments and trying to sell the house - it came down to either pay the mortgage or heat the house in January 2011. Needless to say I chose to maintain the house and keep it on the market. I've been in constant contact with the bank throughout the whole time since then. In November 2011, the bank took over the property and I moved to a much more affordable place. Due to income tax liens on the property from when I was married - I could not get a Deed In Lieu processed when I lived there. So I contacted the bank about a consented foreclosure. They are just now (January 2013) getting that fully processed. I've worked hard on my credit in the last few years in spite of the fact I knew that this was coming and was going to hit my credit hard. Because of this and the Tax Liens, I've only been able to get it to 600 at it's highest. How much of a point hit can I expect to take when the foreclosure actually goes through? Right now it's registering as a missed payment every month - but starting this month or next, it will be a foreclosure.
I know that how much it hurts your credit depends on a lot of factors, but I've worked so hard on the rest of my credit report getting 10+ baddies knocked down to only 2 or 3...I don't want to be back to square one - but I'm afraid that's what's going to happen.
Bumping this up. My score is at 616 on Equifax - 580-590 on TU/EX. Still have not heard from the attorneys about the consented foreclosure. Does anyone have any idea what to expect? Other than the mortgage, I've done my best to settle up everything on my report. I'm down to only one other negative account (Verizon Wireless from 2 years ago) and the Tax Liens (State will not withdraw them like Fed IRS will). I'm set to have a bunch of inquiries fall off my report in April (from auto loan shopping), and am going to be looking at refinancing my auto loan. I just don't know what to expect when the foreclosure goes through.