“ In my opinion that a foreclosure can have a significant effect on the borrower's life. Mortgage foreclosures can have a 7 to ten years negative impact on a borrower's credit report. A borrower who may have applied for a mortgage or virtually any loans as an example, knows that the particular worse credit rating can be, the more hard it is to obtain a decent mortgage. In addition, it can affect a new borrower's capacity to find a quality place to lease or hire, if that gets to be the alternative housing solution. Good blog post. ”