The High Courts have witnessed an “avalanche” of possession orders since September as the first wave of moratoriums against pursuing mortgage arrears by Sub-prime lenders ended. Some 18 repossessions were granted in the High Court on Tuesday of this week, the highest number in a single day this year.
Many believe that it is fair to … repossess if a borrower cannot repay his or her loan, as the loan was taken out in full knowledge of the terms and conditions applicable.
However some ask: What do the Banks have to gain by repossessing houses in the present climate? Would it not be better for the banks to come to a renting arrangement with their customers, with a long term view to these people being able to restart their repayments when their situation improves? Would the home-owner support scheme proposed by Fine Gaels Richard Bruton not be more beneficial for both homeowners and lenders where NAMA would take an equity share in a home after negotiating a write-down in the outstanding debt with the bank or mortgage provider?
Have your say:
- Repossessions: If you can’t pay, you can’t stay? Or
- Should lenders come to new repayment arrangements to help homeowners in financial difficulty?