Daft Property - Irish Property News

Home repossessions will soar as 6,400 are in arrears... AN avalanche of repossessions is now expected after new figures show close to 6,400 people stopped paying their mortgages more than a year ago. The number who have failed to pay their mortgages for a period of 12 months or more is three times the level it was at a year ago. These homeowners are now almost certain to have their homes repossessed. Pressure And struggling homeowners face renewed pressure from next month, which will be the first time Bank of Ireland and AIB will be able to begin new legal proceedings against homeowners who have failed to pay their mortgage for a year. A moratorium agreed with the Government forced the banks to wait a year before starting legal action to repossess homes from those who failed to pay their mortgages. Many of the 6,400 people at dire risk of losing their homes should not have been given their mortgages as they had no hope of repaying them, mortgage experts said. These bad lending decision...