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I think that a foreclosures can have a significant effect on the applicant’s life. Foreclosures can have a 7 to ten years negative impact on a borrower’s credit report. The borrower that has applied for a home loan or almost any loans for that matter, knows that the actual worse credit rating is usually, the more hard it is to acquire a decent mortgage loan. In addition, it might affect the borrower’s power to find a reasonable place to lease or rent, if that gets to be the alternative housing solution. Good blog post.