<ul><li>Foreclosure results in a significant drop in the credit score, with its impact determined by various factors, such as the credit history before the process and other details.</li><li>The foreclosure remains mentioned on the person's credit report for a period of seven years, making it difficult to qualify for new credit.</li><li>Borrowers might face higher interest rates and other charges when applying for new credit or loans after foreclosure.</li><li>A foreclosure can make it difficult for individuals to rent a new house, as property management firms often look into credit reports.</li></ul>

Credit Score: How Foreclosing A Loan Impacts Your Score

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