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What are lesser known consequences of foreclosures?

Washington D.C. residents like you face plenty of pressure to keep up with housing payments, lest you risk your home being foreclosed. Foreclosure can be catastrophic to your happiness, health and finances in many ways, though some may not be as well known as others.

For example, McClatchy DC Bureau reports on the squatting epidemic that was sparked by the huge number of foreclosures that have taken place since the housing bubble burst. Whether invited or not, it's possible for foreclosed houses to become a hosting spot for people who are down on their luck. This can unfortunately cause a lot of complications for all parties involved, from the realtor to the bank and anyone else with items or money invested in the home.

Evicting illegal tenants can also be more difficult than most expect, draining even more time and money out of the people involved. Even if you won't have to deal with the financial fallout of squatters directly, many people also find the idea of squatters living in their former home to be discomforting.

On the flip side, you may face homelessness yourself in the case of a foreclosure. This isn't a lesser known consequence, as it's usually the first thing residents consider. However, a number of them don't realize the long lasting impact foreclosures may have on your ability to purchase or rent homes or even apartments in the future.

The most sure-fire way to dodge all of the potential consequences of foreclosing your house is to avoid having to foreclose your home in the first place. This might seem difficult, but there are legal and financial options for you to look into that can make it possible, such as filing for bankruptcy.

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