Up to half of borrowers in arrears may lose properties as banks ramp up repossessions – TheLiberal.ie – Our News, Your Views

Up to half of borrowers in arrears may lose properties as banks ramp up repossessions




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The banks are sharpening up their tools and getting ready to slice into people’s livelihoods by taking away their homes.

New figures just released indicate that the rate of repossessions is likely to increase significantly over the coming months, as nearly half of the bank-proposed ‘solutions’ for borrowers in arrears include losing the property.

Eight years on from the property crash, the banks have done little to help customers. In fact, they are doing the opposite.

47% (49,698 cases) of the outcomes reported by banks for those in arrears may see a ‘loss of ownership’ for the borrower.

Most of these cases, 30,994, relate to properties occupied by its owner.

The Government is expected to publish revised proposals to deal with the huge arrears problem before the end of this month.

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