It's my opinion that a foreclosures can have a significant effect on the borrower's life. Home foreclosures can have a Several to several years negative effects on a borrower's credit report. Any borrower having applied for a mortgage or any kind of loans for instance, knows that a worse credit rating is usually, the more tricky it is for any decent bank loan. In addition, it can affect a borrower's power to find a quality place to let or hire, if that results in being the alternative houses solution. Good blog post.