Mortgage

Is this what it has come to? Americans are in such dire financial straits and emotional distress they feel the only option is suicide? 

These are a few questions that came to mind when I read the story of a 90 year old woman who shot herself in the chest when the bank attempted to foreclose on her home.

Countrywide Home Loans filed for foreclosure last year, and Polk’s home was sold to Fannie Mae at a sheriff’s auction in June. Deputies were to escort Polk from her home Wednesday when gunshots were heard inside.

Addie Polk remained in Akron General Medical Center and was expected to recover from chest wounds suffered last week.

She became the home’s sole owner in 1995 when her husband died, then took out a mortgage loan in 1997 and refinanced several times, court and property records show. [SOURCE]

Fannie Mae has since forgiven the debt stating it was best thing to do given the circumstances. This lady probably had no business refinancing her home in the first place. The golden years of her life ideally should have been spent debt free. Although the reported stories do not go into detail I think it might be safe to assume she did it out of necessity to pay for prescriptions, medical care or monthly expenses.

This is a sad state of affairs our elderly find themselves in and it has become more common in recent years.

I fear the worst is yet to come.