There is no escape. The risk of the repossession of homes is looming above thousands of Irish families. In an interview to the Irish Mirror, Senior Counsel Ross Maguire, who is working for New Beginnings, states that foreclosure orders are bound to shoot up after Christmas, kicking out fathers, mothers and children out of their homes by New Year.
Banks are getting tougher
End of year festivities are in no way appeasing banks. They are getting tougher instead, and it is predicted that by New Year, thousands of homes in Ireland will be repossessed. This will inevitably lead to thousands of families becoming homeless. Monthly, approximately 400 court orders are being emitted for repossessions in the country. According to Senior Counsel Ross Maguire, this figure is expected to double from the very beginning of 2017. At New Beginnings, together with a group of lawyers, Ross Maguire has already armed himself to provide legal help to those facing repossession.
Heavy backlogs
As most repossession cases are adjourned after a first hearing and most know consecutive adjournments later on, a heavy backlog is piling up. Registrars are therefore under much pressure to finally emit repossession orders. The Senior Counsel adds that the number of homeowners with a burden of mortgage arrears has spiked up to 82,000 out of which 32,000 have failed to pay back the least sum for over a period of two years already.
No need to sit idle
The crisis is real and Ross Maguire exhorts mortgage debtors to seek help as soon as possible. Waiting will bring nothing positive and obtaining legal advice at the earliest possible may alleviate impending troubles. The stark truth is that the risk of homelessness is very high.
Bad treatment
Banks are seen as cruel entities without any concern over the distress of indebted families and individuals. David Hall, Chief executive of the Irish Mortgage Holders Organisation, shares the same views as Ross Maguire. He is of opinion that the government should see to it that no family is evicted when other solutions can be adopted. John McGuiness, Chairman of the Oireachtas Committee nurtures the same views and stated at a hearing that he strongly believes that banks are accountable to clients for the traumatic manner they treat them.
Debts taking the mental toll
Having to carry a heavy burden of debts or facing repossession of one’s home is unbearable. This situation is so stressful that it has led to suicides, explained Michael Culloty of the Money Advice and Budgeting Service (MABS). According to him, people concerned are so scared that they are not even turning up at court hearings. Many are living in this fear for years and at any moment, the bubble of extreme stress may burst. He equally urges indebted borrowers to seek legal advice and the help of MABS.
Related articles published in How to avoid repossession :
- Massive repossessions entail colossal losses for the Allied Irish Banks
- What to do if your house is repossessed
- Traumatized army veteran seeks redress after bank’s blunder
- Repossession of property in Ireland branded as a failing mechanism
Source : http://www.irishmirror.ie/news/irish-news/thousands-families-living-fear-being-9389114
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