Wave of repossession cases coming down the track
Fianna Fáil TD Brendan Smith has said he is “extremely concerned” by the scale of repossession cases coming down the line in Cavan and Monaghan.
Figures released to Fianna Fáil show there were 15 repossession orders granted in Cavan and 12 in Monaghan in the first six months of the year and 10 of these were on primary family homes.
However, in the same six month period, more than 100 cases were lodged for processing through the courts across the two counties.
'Staggering increase’
“This is a staggering increase in potential family home repossessions and clearly shows the banks are turning the screw on homeowners in difficulty with their mortgages.
“Fianna Fáil has been pointing out for months that there are very real dangers to allowing the banks have so much power in the process, leaving borrowers completely at their mercy.
“Of the 106 civil bills lodged in the first six months of the year in Cavan and Monaghan, 60 of them are known to be attached to primary family homes. The number of home repossessions has been low to date and I don’t see how anyone, bar the banks, is better off by putting families out of their homes.
'Last possible resort’
“The scale of the homelessness crisis, the lengthy delays in the social housing waiting lists and the lack of new housing units coming on stream are tearing away at the very social fabric of our communities. Why is the government allowing the banks to pursue policies that are making matters worse?
“An independent debt settlement office with real powers would be a huge asset for families in difficulty with their mortgages but this government’s answer was to give the banks a veto and then deny any such power existed.
“Repossession should be the last possible resort a financial institution turns to. But this government’s strategy has been to leave the banks in the driving seat and families who have fallen into arrears but want a sustainable way to keep their homes are having the decks stacked against them.
“Until such time as this unfair relationship is really tackled and banks are forced to do the right thing dozens more families in Cavan and Monaghan face dreaded and costly court actions that could see them lose their home,” he said.