It's my opinion that a property foreclosures can have a major effect on the debtor's life. Foreclosures can have a 7 to a decade negative affect on a borrower's credit report. A new borrower having applied for a mortgage or just about any loans as an example, knows that a worse credit rating will be, the more difficult it is to obtain a decent bank loan. In addition, it can affect a borrower's capability to find a good place to lease or rent, if that becomes the alternative real estate solution. Interesting blog post.