Distressed mortgage holders across Limerick given assistance from housing group

David Hurley

Reporter:

David Hurley

Mortgage arrears advocate David Hall with two people whose homes have been saved

Mortgage arrears advocate David Hall with two people whose homes have been saved

THIRTY homeowners across Limerick, whose mortgages were in arrears, received assistance from housing group i-Care over the past year, it has been revealed.

Led by campaigner David Hall, the not-for-profit housing company is dedicated to the resolution of mortgage arrears involving those who are in long term distress and who qualify for Social Housing Support.

“The figures show there is a real alternative to vulture funds. We can deal with our problems on our own. They also show that whilst others talk, we do,” said Mr Hall.

Under a unique new process, a house in mortgage arrears is sold to i-Care at a substantial discount and i-Care then rents the house back to qualifying owners.

The homeowner agrees a thirty-year lease with i-Care when they lose their home.

However, those who are renting their former home can, at any point, re-purchase the property at the cost i-Care has paid.

They cannot sell the property on or borrow irresponsibly to re-purchase.

Each deal is negotiated by representatives of the Irish Mortgage Holders Association who have expertise in dealing with distressed mortgages.

“It is vital to note that i-Care is an All-Ireland based organisation. We are very aware of the extent of the mortgage arrears problem and the deep concern about vulture funds invading our countryside,” said David Hall following publication of the figures.

Working in partnership with AIB and the government, i-Care was established by the Irish Mortgage Holders’ Association in 2017 to buy suitable homes from banks where mortgage holders cannot pay the mortgage and are eligible for social housing.

A registered charity, i-Care has negotiated deals with banks on behalf of just under 600 distressed mortgage holders across the country.