“From our experience, the banks and building societies are far more strict than the councils and are often not willing to allow people to fall behind with mortgage payments for more than a very short time. They have certainly got tougher all round,” he said.
Meath County Council’s director of communications Bill Sweeney said that there had been a noticeable upsurge in the applications for repossession of homes. “While we would have dealt with 20 cases of threatened eviction by banks or building societies so far this year, not all of these would result in repossession. There is often a process of negotiation between the financial institutions and people like MABS. In the majority of cases, arrangements are reached,” he said.
Mr Sweeney said it did seem that uncertainties about the sub-prime lending edginess in the private sector had moved the banks into a stricter mode with borrowers. “The banks are hitting people now after two months in arrears and that is certainly a change,” he added. People seeking lengthy moratoriums on mortgage repayments would find it more difficult to do so.
The Meath Chronicle has learned that not all threatened repossessions are due to loss of employment or illness, but can increasingly relate to addiction problems within families.
The MABS official said that there were a number of reasons why people might fall behind in repayments of private mortgages or council rents. “For instance, a person who is on differential rent might lose his or her job and, as there is only an annual review of these rents, they might not be able to adjust their rent until that review comes around. But we always encourage people to get into dialogue with the council which will meet them half-way.”
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