It's just not the foreclosure, it's how the foreclosure effects your other creditors and lenders ...
Everything on your credit report gets looked at every 45 days by your Visa, MC, any current car loans, etc ... even car insurance is rated by your credit report.
Once everything catches up in 8/10 months after the foreclosure .. credit cards rates go up or get limited, or just plain canceled, car insurance goes up, thats because your credit score goes through a domino effect in a downward spiral ... not good.
Trying to get a car loan will be like pulling teeth and you'll pay 15/18% with a large down payment ... you'll always be able to purchase a home (kinda) with a huge interest rate at 9/12% or some crazy land contract that expires in 24 months because your FICO has dropped from 780 to 580 ..
I appreciate Liz's honesty, she said it best: "You can live through it, and be fine renting, saving, and rebuilding credit and confidence."