How much your credit falls depends upon how long the default lasts. The late payments are what appear to hit your scores the hardest. If they foreclose quickly you will make out better on your credit. If the late payments pile up on your credit for a couple years its not so easy to repair it that quickly. Also, not matter what you scores are you have underwrting guidelines to deal with. Sure you will be able to buy a car and get credit cards but getting amortgage will not be possible for many years and good luck getting a business loan.
