How foreclosure impacts your credit score

Hope this www.CNNMoney.com article will help you or someone you know. This particular quote was worth reading the whole article.

"Despite the problems a poor credit score can cause, Experian's Sweet recommends that people who are in financial dead ends, like totally unaffordable mortgages, it's better to recognize that and cut your losses quickly; don't prolong the problem.

'You need to do what you need to do to get your finances back in order," she said. "Don't worry about your credit score.'"
How foreclosure impacts your credit score

This article is also for investment properties too. And for heaven's sake; DO NOT PLEDGE YOUR OWN HOME AS COLLATERAL FOR INVESTMENT DEALS. I've seen too many people not heed this advice and now have their personal house at risk due to bad investment decisions.