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In my opinion that a foreclosures can have a significant effect on the
applicant's life. House foreclosures can have a 7 to
ten years negative effect on a borrower's credit report. A
borrower having applied for a mortgage or any kind of loans for example, knows that the particular worse credit
rating will be, the more tricky it is to have a decent mortgage.
In addition, it can affect a new borrower's chance to find a respectable place to let or hire, if that will become the alternative property solution. Interesting blog post.