A foreclosure and the effect it will have on your credit is a very serious issue and should not be taken lightly. Everything should be done within your power to try and prevent it from happening. As soon as you know that you may possibly be late on a mortgage payment you should be in contact with your mortgage company to discuss this with them. There may be something that they can do for you to help out. Constant communication needs to be kept up with your mortgage company anytime you are behind on your payments and a plan to get caught back up needs to be worked out as quickly as possible to get you back on track and to avoid foreclosure and the negative effects it will have on your credit.

A foreclosure can impact your credit very, very negatively and remain on your credit report for up to 10 years. This means that you credit scores can suffer for up to 10 years if you let your home go into foreclosure. The immediate impact on your credit score will be very devastating anytime you have a foreclosure reporting to your credit report and being able to obtain any type of new financing without a co-signer is going to be next to impossible for a minimum of 2 years. A very common question that many consumers ask is, "what is worse a foreclosure or a bankruptcy." There is no definitive easy answer to this as both are very bad for your credit and will have a negative impact on your credit scores for quite a few years. However, most people that have a home foreclosed on them end up filing bankruptcy to try for a completely fresh start again with their credit and financial situation.

Therefore, think long and hard about what your options are anytime you start to fall behind on your mortgage. Most mortgage lenders are willing to negotiate something with most consumers to not only help out consumers but to help out their bottom line as well. There are things such as a deferment, forbearance, loan modifications, short sales and deeds in lieu of foreclosure that will help out when you are behind on your mortgage payment and to prevent your home from being foreclosed upon and taken from you.

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