It will only effect your primary residence if the lender is awarded a judgement for any deficiency balance. If this judgement is awarded to them, and you try to sell your current home, they could be entitled to any equity. If there is no equity in your primary (if not don't feel bad we all lost our equity) fire away. But if I could make a suggestion if it is at the point of no return, call the lender and offer them a deed in lieu of. This is better than a foreclosure. Also, I have a few connections who survive solely on negotiating short sales with many national institutions. Most banks are willing to entertain short sales right now and this could give you the time you need to sell your home at a price favorable to your bank while preserving more of your credit rating and other assets. I would be happy to help you with any questions you have. Just email or call. Good Luck!

Not to worry. The foreclosure only affects your credit history, not the mortgage on your primary residence. As far as obtainting a mortgage on a new home or refinancing your primary residence, you will just need to wait 3 years from the date the foreclosure is complete.

All the best to you; I hope this helps. :)