The Homeowner will ALWAYS have to disclose that they have had a Forclosure on any mortgage application and many job applications

Creit scores will be lowered by 300 points (a great 750 score would become 450 and make it difficult to get a loan)

A Foreclosure is the one credit report item that is almost impossible to have 'repaired'

Your lender can seek a deficiency judgement against you and collect for any amount they do not recapture at a bank sale.

Many employers run credit checks on present and prospective employees

Insurance companies run credit checks and may charge more for people with Foreclosures on their record.

Security Clearances and Government positions including military and law enforcement can be jeopardized by Foreclosure.

...while it may not seem like it now, there will come a time where your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid devastating financial consequence so many people fase today.