How much will my credit go up?

How much will my credit score go down from loosing my home ?

• my home is was worth four hundred thousand when I bought it and now its worth less then half of what I paid for it so I have not made payments for 2-3 months how much has it lowered my credit score ? and if and when they foreclose on it how many points do you think it will go down and how long do you think it will take to bring my score back up ?? please help ?? I had a 850 immaculate credit score before this never paid anything late

• Answer:

  Your score has already taken a nosedive due to you being delinquent on your mortgage for 3 mos. If you let the lender foreclose, figure about another 250 points plus the delinquency points will hit your FICO. You could end up with something in the 500's. Have you talked to your lender about a modification, short sale or deed in lieu? Are you only letting the house go because of the drop in value? If you are just letting it go because of that, that is shortsighted, especially if you have the ability to make your payments. If you do have the money to make the payments and just don't want to due to the value, that would be considered a strategic default. Either way, your credit and ability to buy again will be tanked for a few years.