A foreclosure will show just as that on your credit report. There are options available to you other than straight foreclosure. Please read my blog about the foreclosure process.
Know that the best thing you can do is to try to communicate with your lender. There is a difference between "settled" on your credit scorre, than "foreclosure". The majority of home owners in foreclosure never contact the lender and try to work it out. Do not be like most home owners.
Regarding your question: It is quite likely that a foreclosure on your credit report will prompt the credit card issuer to cancel the card. Most credit card issuers regularly monitor the FICO scores of people they have issued cards to. A foreclosure will result in an extremely negative FICO, so whenever the issuer checks - BOOM! Credit card cancelled! One more reason to avoid foreclosure if at all possible.
If I can provide any help, don't hesitate to contact me.
If you want a outsiders help contact Dawne Erickson with Indee Mac Bank. SHe has time and cares and willlet you know what to do. Her number is on my web sight under Vendors just go to http://www.relocation-home.com
Good luck with everything. I am pretty sure you can keep your credit cards if you pay the bill. ;)
Give me a call anytime. This is a serious and complex matter. I have a team of professionals and we are here to help!~