House repossessions will skyrocket in new year, claims Fine Gael

HOUSE repossessions will skyrocket in the new year if measures are not taken to alleviate the plight of endangered homeowners, Fine Gael’s Michael Noonan has warned.

Mr Noonan said a significant number of people will be at risk of losing their homes once January comes, as lending institutions are holding off on foreclosures until the new year.

He said an industry source had informed him that institutions have a list of “very difficult cases” on their books, but are not making any approaches to the courts until after Christmas. However, as soon as the holiday period is over, they will start filing, he said.