Well, with regard to credit, foreclosure is a very serious delinquency, and one that will stay on your credit report for up to seven years (typically from the date of filing).[ See the latest mortgage rates from dozens of lenders, updated daily .].he amount it will drop will vary based on your credit history. If your credit score was essentially flawless, you’ll see a larger drop. If your credit score was already dinged up, the drop won’t be as severe. Essentially, two borrowers with different credit scores hit with foreclosure will end up in similar places.