Yes, stroke can lead to both language problem as well as memory loss. This depends on the side of the brain that is affected and also the location of the clot and area of infarction.
Most of the patients improve following the stroke as the brain tries to regain its lost function. But that is critically dependent on lot of factors, chief among which are age, severity of stroke, extent of volume loss due to stroke, pre-existent brain reserves and how effectively the acute stroke has been managed.
Now, quite a few drugs are available for managing these symptoms. Also, good preventive medications are required to prevent future strokes.