The psychological effects of foreclosure

On Behalf of | Mar 14, 2022 | Foreclosure |

During the last two years, many experienced life upheavals, including lost income, lost jobs and skyrocketing prices on everything from rent to food. This has, of course, resulted in severe debt, bankruptcies and foreclosures. And, unfortunately, several studies have shown that such turbulent financial times that result in foreclosure proceedings increase the risk of depression and suicide, especially among middle-aged males.

The studies

The loss of employment that usually proceeds a foreclosure has been shown to cause negative mental health. Indeed, financial turmoil was a strong indicator of depression and increased suicide rates, especially among men.

Why does foreclosure affect men more than women?

The studies found that there are several factors that may increase the deleterious affect of foreclosure on men. First, men routinely are the primary income earner of the home. This means a loss of their income can devastate the family. Men also tend to derive their purpose from work much more often than women. As a result, for men, there is a both a sense of failure and guilt from the loss, combined with lost purpose. Then, there is a society stigma attached to foreclosure and job loss that tends to judge men harsher than females. These negative feelings can lead to depression and increased rates of suicide.

Reframing the narrative

During this time of historic financial and worldwide turmoil, one should not internalize the loss of a job and a foreclosure. There likely was little, if anything, one could have done to avoid the job loss, and as such, the foreclosure was likely inevitable as a result. As such, if one finds themselves in this situation, blame the times.

Fresh start

Nonetheless, if a Birmingham, Michigan, residents, or someone throughout the Detroit area, find themselves in such dire straights that a foreclosure is imminent, contact an attorney immediately. There are foreclosure alternatives. And, there is always bankruptcy to fight back and get a fresh financial start.