“ I really believe that a foreclosures can have a important effect on the borrower's life. Mortgage foreclosures can have a 6 to 10 years negative impact on a applicant's credit report. A borrower that has applied for a home loan or almost any loans for that matter, knows that a worse credit rating is actually, the more tough it is to acquire a decent mortgage loan. In addition, it may affect any borrower's chance to find a quality place to let or rent, if that gets to be the alternative housing solution. Great blog post. ”