CNNMoney.com passes along some great information via Fair Isaac, which is the brains behind the all-important FICO scores.

Here’s a breakdown of how being late on your mortgage, or not paying it altogether, impacts your credit score (in negative points):

• 30 days late: 40 to 110 points
• 90 days late: 70 to 135 points
• Foreclosure, short sale or deed-in-lieu: 85 to 160 points
• Bankruptcy: 130 to 240 points

For all the calculations and hypothetical number-crunching that went in to arriving at the numbers above we suggest that you check out the original article right here.

However, keep in mind that no two borrowers are alike — the same delinquencies can and do affect credit scores differently.

Maxine Sweet from Experian explains:

“If you picture someone who has just one mortgage and one other credit account versus a mature credit user like me with 15 accounts, if they miss one payment that would impact their scores a lot more. For me, one missed payment would just be a blip.”

The moral of the entire article is to “cut your losses quickly” and to “not worry about your credit score.”

Easier said than done, but perhaps words of wisdom when facing a seemingly insurmountable financial crisis.

For more information on this topic and more remember to check out the Foreclosure.com Credit Center right here.

“Extreme financial distress” and New York City’s decision “not to renew” the current owners’ lease has forced the Tavern on the Green to seek Chapter 11 bankruptcy protection.

The historic eatery, which was established in 1934, is located in Central Park on Manhattan’s Upper West Side. It was and continues to be an extremely popular haunt, raking in a reported $38 million in gross revenues back in 2007 — “the second highest-grossing independently-owned restaurant in the United States.”

But the owners, the family of Warner LeRoy, racked up debt as much as $50 million since they took title in 1974.

So after recently crunching the numbers it appears that the restaurateurs realized that repaying their long list of 200 creditors on time wasn’t going to happen. In addition, according to a Bloomberg.com report, the city recently awarded the lease to restaurateur, Dean Poll, for 20 years starting at the end of Dec. 31, 2009.

In short, bad economy + debt + no lease = Bankruptcy.

Here’s the good news: Tavern on the Green will remain open and operational during the “reorganization.” What’s more, Poll intends to make $25 million in upgrades when he takes the helm in 2010.

In the meantime, Tavern on the Green will likely be sold to the highest bidder in bankruptcy court where it will likely fetch a pretty penny — the name alone is valued at more than $19 million.