I think that a foreclosures can have a significant effect on the borrower's life.
Mortgage foreclosures can have a 7 to ten years negative impact on a
borrower's credit report. Any borrower who may have applied for a home loan or
just about any loans for that matter, knows that the actual worse credit
rating is definitely, the more hard it is to secure a decent mortgage.
In addition, it might affect a new borrower's power to find
a really good place to lease or rent, if that will become the alternative real
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