When will my credit score really take a hit? (strategic defaulter here)

[blssed2bme]

My first missed mortgage payment was Jan 2011 and my house is due to be sold at the sheriff's sale sometime this month (June 2011). So far, my credit score has gone down from about 718 to 659 and it has stayed at 659 since March.

My questions: when can I expect a dramatic decrease in my credit score? I was expecting it to drop into the high 500's but it seems to be holding steady. Should I expect for it to decline any further?

[Cat Damiano]

The following article is one of the best that I have seen in explaining the hit to credit:
How foreclosure impacts your credit score - Apr. 22, 2010

[blssed2bme]

Thanks Cat --- This article was very helpful

[Preparingfordefault]

blessed2bme- how soon after your first missed payment did your bank report it to the bureaus? and why so fast on your foreclosure? Did you not try to prolong it?

I just missed my first as of today and want to stay as long as possible so I can pay down credit cards and save as much as possible to move. My attorney said 'money talks' and if I can offer a years rent upfront I can rent anywhere regardless of score.

[blssed2bme]

preparingfordefault---
My 1st missed payment was Jan 2011. In mid-Feb, my credit score was 717 and as of my last check on June 15, my score dropped to 659 (58 point drop in the 6months timeframe). I'm keeping track of the monthly credit changes and updating it in my signatue section of this page. I have no intention of staying in the house due to the upside down mortgage so I didn't try to fight the foreclosure. Since MN has a 6-month redemption, I will be able to stay here for 1 year rent free (Jan 2011 to Jan 2012) in which time I'm saving my $$ and paying down credit cards.
I figure this is a good way to get some of my "equity" back from the bank LOL

blessed2bme- how soon after your first missed payment did your bank report it to the bureaus? and why so fast on your foreclosure? Did you not try to prolong it?

I just missed my first as of today and want to stay as long as possible so I can pay down credit cards and save as much as possible to move. My attorney said 'money talks' and if I can offer a years rent upfront I can rent anywhere regardless of score.

[Preparingfordefault]

Sorry for the delay in response... do you know how long after your first missed payment BofA reported theat first missed payment to the credit bureau? If your first missed was due January 1, 2011... you technically were 30 days late on 1/31/11... do you know what month it was actually reported and appeared on your report?

[blssed2bme]

I have Wells Fargo so not sure if this will be different for BofA. I check my credit score at CreditKarma.com so I'm not actually getting my credit report perse. However, based on my credit score decline, I would say that the missed payments were probably reported in March or after 3 missed payments. Just a guess though.

Sorry for the delay in response... do you know how long after your first missed payment BofA reported theat first missed payment to the credit bureau? If your first missed was due January 1, 2011... you technically were 30 days late on 1/31/11... do you know what month it was actually reported and appeared on your report?