NEW YORK (MainStreet) When Michael Jace was arrested for murdering his wife of ten years, it was widely reported that the Los Angeles actor owed $411,000 on his family home and that it was on the brink of foreclosure.
"Financial strain over a period of time can cause a person to do desperate things," said Richard J. Martin, vice president and senior loan officer with Sterling National Bank. "In this case there is also a bankruptcy which can be extremely stressful and very embarrassing for a public figure."
The "Shield" actor and Alice Jace were allegedly arguing about finances when he shot and killed her. Records show Jace filed for bankruptcy protection in 2011 listing debts up to $1 million. He also owed more than $22,000 in state and federal income taxes and more than $20,000 to the state of California for 2008.
"I am not sure how killing his wife accomplished anything unless she was an additional source of unknown stress and he just snapped," Martin told MainStreet.
While there's no excuse for violent outbursts, an American Journal of Public Health study found that the foreclosure crisis has likely contributed another form of harm, this one self-inflicted: a rise in suicide rates since 2005, independent of other economic factors."Beyond wiping out the family's main asset, foreclosures have other harmful effects on the homeowner and surrounding community," said Kevin Stein, associate director with the California Reinvestment Coalition (CRC). "Recent studies link foreclosures to increased incidents of suicide and high blood pressure."
Homeowners in California like Jace are facing unreasonable delays, obstacles and run-arounds from their mortgage servicers despite new laws, programs and settlements intended to protect them, according to a CRC survey.
"When homeowners don't qualify for help or are incorrectly denied help from their bank, they will likely lose their home whether it's through foreclosure or a short sale," Stein told MainStreet.