Sometimes, life becomes exceptionally busy for a time. But sometimes the frenzy of a busy period can throw even normal things off course if it is strong enough. If one of those normal things has been your mortgage payment, there may be cause for concern about foreclosure. Foreclosure often has a serious effect on your credit scores. How much of a decline they may see depends on the information in your credit report, but foreclosures are often seen as one of the most serious blows to good credit, since they represent a serious lapse in regular and responsible credit use. Learn more about how foreclosure can impact credit scores.