Suicide by Economic Crisis

As a Foreclosure Defense Attorney, I work daily with clients helping them fight the lenders and banks from taking away their homes. I am absolutely horrified that any person would take extreme measures when facing foreclosure, especially when I know they can be helped and aren’t alone in this fight.

It’s sad when homeowners are put into dire positions due to the failing economy, the housing collapse, mortgage fraud, predatory lending practices, lost notes, ro-bo signing, violations of state and federal laws, unfair or abusive debt practices and a whole host of other dirty deeds. Almost always, there is a way out, or a way to help the homeowner.

Michael Marin, 53, had a beautiful home in Phoenix, Arizona. He tried to sell the home, he even offered his 10,000 sq ft property for sale to help raise funds for a Mesa-based children’s charity in July 2009. It didn’t sell.

He couldn’t afford the monthly payments and had a balloon payment coming due. The year before, Marin had $900,000 in his bank account. At this time, he only had $50. to his name.

Shortly after the failed charity sale, his home caught fire and was completely destroyed. Evidence proved Michael had set the fire himself in desperation to avoid his mortgage debt. He couldn’t have planned the arson very well. He had claimed he was wearing a scuba tank and mask to protect himself from the smoke as he emerged from the burning home. The fire had suspiciously started in several places, both upstairs and downstairs.

Thursday, Michael was found guilty of arson of an occupied structure. He was sentenced to 16 years in prison. Jurors were excused. Judge Bruce Cohen and the lawyers were discussing the aggravating factors. Michael, sitting at the defense table in court and covered his face. He then appeared to place something in his mouth and drink from a bottle he brought with him. Minutes later he collapsed and died. An apparent suicide, he is one of an alarming number in what the Europeans call “Suicide by Economic Crises”.

Last month, Norman Rousseau shot and killed himself in the midst of a battle with Wells Fargo to stay in his home. In Ohio another homeowner killed himself and his wife after authorities ordered him to leave his home. Suicide has become common among people coping with financial crisis in Greece, Italy and Spain.

If you are having thoughts of suicide, call the National Suicide Prevention Hotline immediately at 1-800-273-TALK (8255).

If you are facing foreclosure, or think you’ll be facing foreclosure, please contact a foreclosure defense attorney. Although I’ve personally helped many homeowners at the 11th hour, it’s always better to contact an attorney as soon as possible.

Many banks will delay your foreclosure lawsuit while “considering” your loan modification application. More often, the bank wants to keep you from defending the foreclosure until the court orders your home sold.

Home Modifications are not guaranteed, and while “considering” your loan, no one is defending your foreclosure suit.

Never, ever ignore a foreclosure notice or complaint.

Bankruptcy can be an option, but a good foreclosure defense attorney will explain those options and more importantly, the bankruptcy in relevance to your home mortgage and foreclosure. If not handled properly, you may find yourself worse off after the bankruptcy.

Foreclosure Defense Attorneys are not expensive. In most cases, it’s more cost-effective to meet with the attorney than to seek a loan modification or walk away.

Keith A. Gantenbein, Jr. is a Colorado foreclosure defense attorney located in Denver and servicing all of Colorado. He also handles bankruptcies, mortgage negotiations, lender liability, real estate, civil litigation, contracts and landlord/tenant. If you think you will be facing foreclosure, or are in the foreclosure process, or have had a wrongful foreclosure, contact Keith Gantenbein at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you.

This article is not intended as legal advice. The opinions of this article are solely the opinion of the author.

About theglawfirm1

Gantenbein Law Firm is a Denver, Colorado Tax Law Firm, servicing all of Colorado. Gantenbein Law Firm also specializes in Colorado Real Estate Law, Colorado Foreclosure Defense, Wills & Trusts, and Business Law.
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One Response to Suicide by Economic Crisis

  1. DLC says:

    I have been following the side effects of the foreclosure crisis for several years now and I have personally suffered from those effects.

    It’s not a nice place to find yourself in and the range of emotions that one goes through can’t be explained to those who haven’t been through it. But, just remember that you really aren’t alone in all of this, I know it feels like it but there are are a lot of us out here.

    Suicide is not the answer. Find help in any form that works for you but don’t let all of these TBTF Banks and the Judicial Systems that they control end up being the winners and you the loser, if the fight is all you have left, keep fighting. It beats the other option.

    Good luck to all of us……….

    The Grey

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