What are the repurcussions of auto repo’s or home foreclosures other than bad credit?

morales asked:


I have a car which I co-signed with my son and he has left it with me. I also have a home in Fl. which the rent doesn’t cover the mortgage by $500. I’m ready to give up on both of them. I’m 50 years old, own the home I live in and the need for new credit doesn’t appear on the horizon.