Up to 10,000 mortgage holders in arrears could have their homes repossessed after the Central Bank reveals latest figures  – TheLiberal.ie – Our News, Your Views

Up to 10,000 mortgage holders in arrears could have their homes repossessed after the Central Bank reveals latest figures 




Over 10,000 mortgage holders could be at risk of losing their home after latest figures published by the Central Bank found that there are 44% of home loans are in long-term arrears of five years or more.

The latest figures which has left many financial experts worried about the future of the Irish economy, also uncovered that at least 25,000 mortgages are at least two years in arrears.

In a review carried out by the Central Bank, it was revealed the latest figures have risen by 10% in the past year.

Although the Irish economy is still in recovery, the Cnetral Bank have said the latest figures does not make for good reading as homeowners across the country could potentially lose their home due to more and more bad debt being collected by the nations leading banks.

The report which was published this week also found that the majority of mortgage holders have not engaged with their respective lender for more than two years.

In an effort to curb the accumulation of bad debt the Central Bank have said the appropriate advice and information resources must be given to borrowers in order for them to avoid falling into a bad situation.

The central bank also say that given the current constraints the country’s biggest lenders are being forced to sell off their bad debt in order for them to align themselves with the European Central Bank’s rules when it comes to non-performing loans.    

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