For one, getting a mortgage after foreclosure can be challenging because of the impact on your credit score and the fact that you’ll likely need to endure a waiting period before applying for a new loan. Other consequences of foreclosure include: Losing your home, which puts you in the position of having to find a new place to live with a foreclosure on your record, Damage to your credit, since a foreclosure stays on your credit report for seven years, Losing your property and equity, which can have far-reaching impacts on your overall wealth, Owing money on the remaining balance if it’s a judicial foreclosure, and being subject to litigation, wage garnishment and more if you can’t pay