“ It's my opinion that a foreclosure can have a major effect on the applicant's life. House foreclosures can have a 8 to ten years negative affect on a applicant's credit report. A borrower having applied for home financing or just about any loans for that matter, knows that your worse credit rating is usually, the more tough it is for any decent financial loan. In addition, it may possibly affect a new borrower's capacity to find a good place to let or rent, if that will become the alternative houses solution. Interesting blog post. ”