Foreclosure follows many months of late payments. Each property will be reported 30, 60, 90, and in collection and each of these has an impact on your credit score, so it is like 30 days late X 2, etc. In regards to how long it will stay on your credit report, each item reported has its own life and that life will run out in its own time.
I have a question for you. Since you look like you will be losing two homes to foreclosure, I would guess that there is some hardship associated with this. Is there a reason you are not looking at short sale, loan modification, or any of the many ways to keep your homes from going to foreclosure? I am a Home Retention Consultant and specialize in helping people in your situation find the right solution for their particular set of circumstances. Please feel free to contact me so we can review your options together. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
I think it would impact them the same amount of time. Although, other things to consider are:
Are both properties your primary residence? Are you stating that they are?
Are they in the same state?
California has different laws than other states so you want to make sure if you own in another state they can't go after you for a deficiency judgment.
Lynn is correct. A deed in lieu and even a short sale would be preferable to a forclosure.
The Reavis Group