It is feared the number of home repossessions may rise once new legislation is passed.
Ulster Bank has announced it plans to repossess more than 1,000 homes per year once a loophole is closed in a new law which currently prevents banks from recovering money owed to them.
The bank's chief executive Jim Brown told the Sunday Business Post that Ulster Bank planned to keep as many people in their homes as possible, but wanted to differentiate between borrowers who could not pay and those who would not.
"There are regulations in place that say the bank is under an obligation to engage with any customer who contacts the bank and says 'I can't pay my mortgage this month', or 'I'm going to struggle for the next six months', and not foreclose on that mortgage for the 12-month forbearance period," he said.
"The bank has to give them a chance to get back on their feet. Also, the bank has to try to find a way that that customer can pay at least a little bit of the mortgage and put them on a better long-term footing."