25,000 families now face losing their homes FEAR: No more breathing space on mortgages... UP TO 25,000 home owners face the chilling prospect of having their homes repossessed because they have fallen significantly behind on mortgage repayments. Irish Life & Permanent (IL&P), which has a 25pc share of the home mortgage market, has confirmed that 6,122 loans are now three months or more in arrears and it is estimated that up to another 20,000 mortgage holders with other lending institutions are in a similar position. Under the State bailout arrangement, banks had agreed to give all mortgage customers one year's breathing space before repossessing. But, for many, that deadline is now imminent. New legal orders coming in to effect on October 1 will make it easier for District Courts to grant uncontested repossessions, which is likely to increase the number of homes being taken over by banks. Under the same act, contested repossession cases will be heard in the Circuit Court ra...
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