I do believe that a foreclosures can have a important effect on the debtor's life. Mortgage foreclosures can have a 7 to ten years negative impact on a borrower's credit report. Any borrower who's applied for a mortgage or virtually any loans for example, knows that your worse credit rating is, the more challenging it is to have a decent financial loan. In addition, it could possibly affect the borrower's ability to find a really good place to lease or rent, if that becomes the alternative property solution. Good blog post.