Distressed Borrower Commits Suicide Over Foreclosure

Less than two hours before her home was scheduled to be auctioned, a Massachusetts woman decided to commit suicide by shooting herself. This unfortunate news shocked Americans and forced many to think if it is a sign that the housing crisis is really taking a toll on the nation.

The tragedy also echoes the problems being experienced by millions of homeowners facing foreclosure. Most distressed borrowers are at their wit’s end and frustrated about not being able to find a long term solution to their mortgage troubles. There are even psychological experts who believe that a suicide case like this will likely to become common as stress is a primary factor in suicide.

Financial problems such as those associated with the loss of employment or home are considered to the major causes of despair and extreme stress. Many suffer from additional stress because they decide to hide their real situation from their partner and children.

In 2005, the Center for Disease Control recorded 32,637 suicides up from 32, 439 the previous year. The rising trend is certainly alarming. To prevent similar tragedies, psychologists advise that people stop looking at foreclosure as personal failure. In fact, there are currently millions of homeowners who are experiencing the same thing. Also, people should realize that there is life after foreclosure.

If foreclosure can not be avoided or stopped, troubled borrowers should consider filing for bankruptcy and asking family and friends for moral and financial support. As they say, tough times do not last but tough people do.

Nationwide, foreclosures rate soared by over 75 percent from last year. By the end of the year, many analysts are predicting that many more homes will enter some stage of foreclosure. With no relief and long-term solution in sight, this is not at all surprising.

In Massachusetts, about 16,173 homes are currently facing foreclosure.

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