“ In my opinion that a property foreclosure can have a major effect on the applicant's life. House foreclosures can have a 7 to 10 years negative effect on a borrower's credit report. A borrower having applied for a home loan or virtually any loans as an example, knows that the particular worse credit rating can be, the more difficult it is to obtain a decent personal loan. In addition, it can affect a new borrower's capability to find a respectable place to lease or rent, if that becomes the alternative housing solution. Great blog post. ”