Are two foreclosures just as bad for your credit as one?

Curious asked:


My husband and I are facing a foreclosure on our rental property and we’re considering walking away from our primary residence, a condo, also. Would two foreclosures be just as bad as one?
My husband and I are facing a foreclosure on our rental property and we’re considering walking away from our primary residence, a condo, also. Would two foreclosures be just as bad as one?

As an added bit of info- we already pursued a short sale with the lender for our rental and they let 6 months pass and 5 buyers walk.

Our primary residence, the condo, has been up for sale for 6 months and we’ve had 2 offers that were too low for us to afford (we would have been owing money). We can’t rent the condo and break even on our mortgage and there are 10 others just
like it for sale with the owners having lots of equity to negotiate with (we used ours to buy the rental).

While we understand that the foreclosure means that we will be renting for a very long time, we’re wondering if we should just move before the condo’s interest rate goes up and we are paying WAY too much for a one bedroom condo just for the sake of avoiding another foreclosure.