possible to bounce back from foreclosure?

hello- i currently have 1 investment home and 1 primary. i'm considering foreclosing the investment home. however, i have to refinance my primary home in 3 years. how will a foreclosure affect my ability to refinance in 3 years? i've read articles that it is possible to bounce back from a foreclosure in 2-3 years, if you do not default on credit cards, auto loans, etc. how true is that?

thanks.