by Bernie English [email protected]
DISTRESSED Limerick homeowners should not be pushed out of their homes, as a fund that will allow them to stay on as lifetime tenants is about to be launched.
Ross Maguire, chairman of the New Beginnings debt advocacy group, revealed to The Limerick Post that a special fund the group has been lobbying for is likely to be confirmed next month.
And he warned that repossession orders are set to escalate, with 115 cases listed for the Limerick courts alone.
“People think they have 21 days to get out of their house but it could take years for that to happen. What we are saying is don’t walk away yet because the cavalry is coming over the hill,” said Mr Maguire.
The fund is being negotiated with private investment groups to buy up houses where the owners have no prospect of repaying the mortgage. They would then rent their homes back from the investment company on a lifetime lease.
The inevitable outcome of the current process is that many people will become homeless. Mr Maguire warned.
With 30,000 mortgage holders in real danger of losing their homes, Mr Maguire said, “there could be hundreds of thousands of homes repossessed and you can’t that to happen without large numbers of people becoming homeless. A lot of people are going into social housing but more are trying to rent in the private sector and that’s become very difficult”.
And the situation is made worse by the fact that the Personal Insolvency process performing as it should.
“There are 40,000 people in mortgage arrears for more than two years and only 400 personal insolvency arrangements approved,” he said.
New Beginning will host a free “Join The Tide of Recovery” seminar in The Strand Hotel, Ennis Road, Limerick on Wednesday February 11 at 7.30pm to give advice on options for dealing with debt and struggling owners keeping their homes.
