In my opinion that a foreclosures can have a major effect on the applicant's life. Home foreclosures can have a Six to 10 years negative impact on a debtor's credit report. A new borrower who may have applied for a home loan or almost any loans for that matter, knows that your worse credit rating will be, the more complicated it is to get a decent personal loan. In addition, it could possibly affect a borrower's power to find a reasonable place to lease or hire, if that becomes the alternative houses solution. Thanks for your blog post.