How low will my credit score drop with a foreclosure?

Missed 2 payments on a rental property, now almost 3, tried last month to get help but couldn't because credit dropped too low (from 720 to 571) Loss mitigation has offered to revise the terms but I still can't afford the new payment - re-renting isn't an option, this property is dependent upon another business that is folding up it's shop. This property is underwater by who knows how much since there are 207 other ones just like it that are equally screwed. How low will my credit score drop with a foreclosure?

There are actually companies that will work with you to buy your mortgage away from your mortgage company and avoid your foreclosure. Try looking into it at http://www.speedyrealestate.info. Good luck!

Not to be rude, but if your credit score has already dropped to 571, a forclosure won't make much difference since you won't be able to get any business credit of any kind with the 571. As for what the number will be, who knows, but I think that if forclosure is the only way out, that is what's going to have to happen. If you start trying creative ways to scratch by without forclosure, you'll end up making things worse in the end.

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