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I recently lost an investment property to foreclosure. My credit is has taken a huge hit through the process while I kept my substantial CC balances current. So at this point, is it safe to say that going delinquent as part of a debt settlement process , really doesn’t matter. The credit score damage is already done ??

Yes, it sounds like your credit score has suffered significant damage through the foreclosure so I would guess that the damage has already been done. Debt settlement will cause your credit cards to become delinquent as well and while it certainly will add to the damage to your credit score, I guess you need to ask yourself:

1. What will I need my credit score for over the next 5-10 years
2. Will additional credit score declines/defaults affect anything now (job, current loans, family obligations, ability to get new services like utilities, etc)?

With the current state of the economy, banks are hardly lending to people with great credit scores so the bar has been raised on all of us.