Which has more negative impact on credit score foreclosure or bankruptcy

Quote:

---

Originally Posted by ellen07

which has more negative impact on credit score foreclosure or bankruptcy

---

Foreclosure by far. A lender wants to know that you have made every attempt to repay the loan. Filing a Chapter 13 to buy time to pay back the loan shows more intent than just letting the house go to foreclosure. Note: Just because you received a notice of foreclosure doesn't mean that you can't reinstate the loan. Call you lender and see if they will to a forbearance agreement with you.

Are you asking because of your situation or just curious about someone else's? Do not forget there are other things that both will bring about... 1099 income from potential difference with short sale or foreclosure. As well as how long they can both stay on your credit with or without future lates.

Your best bet is to contact a bankruptcy and foreclusre attorney directly to really find out the future of your credit potenially with either or both.