Many Irish mortgage holders are in long-term arrears. It has been well reported too, that coming to an arrangement with the lender can seem like an impossible task. Often, the debt is sold by the bank to investment fund companies who purchase the debt as part of a portfolio of loans. This brings its own complications. However, a recent case before the High Court has brought about a certain amount of reform in this area.
Today in Ireland, there are 30,000 homes in danger of repossession. Whilst Government action is being discussed, it is obvious that this is action is of utmost importance to deal with this serious situation and to assist these 30,000 homeowners.