‘Hope to be bankrupt for Christmas’: Irish mortgage debtors see insolvency as way out... With one in five mortgage payments being overdue in Ireland and families across the country having their homes repossessed, some of the debtors are hoping for bankruptcy to do away with their endless fear of losing their properties. Julia Godsill, a Dubliner, can hardly hold back her tears, when retelling her not uncommon mortgage saga to RT’s Tesa Arcilla. When she bought her house the Irish economy was still the “Celtic Tiger” enjoying its boom time. After the credit crunch of 2008, Julia could only watch as her mortgage became too high for her to be able to pay, while the value of her house itself went down. “I ended up with a cash offer for 500,000. This was in 2011. And I was delighted. But the banks refused to accept the offer because the mortgage was 800,000 climbing with arrears. They preferred to bring me to court, and repossess the house instead.” The Central Bank of Ireland figu...
Is Ireland in a new property bubble? Follow us to keep updated for 2024. We take a look at the daft property scene in post Celtic Tiger Ireland! Discover our selection of the top Irish property news and watch house price trends for Ireland and more...