Fears repossessions set to increase

HOMEOWNERS in mortgage arrears will lose their properties at a faster rate due to a legal change which the Government said was aimed at giving the public greater protection, a Labour TD has claimed.

Justice Minister Dermot Ahern has implemented a legal change under the Conveyancing Act 2009, commencing on October 1, meaning hearings relating to home repossessions will take place in the Circuit Court, rather than the High Court, where legal costs are higher.

The change will now mean that those in mortgage difficulties are more likely to lose their homes within 10 weeks of a bank applying for a repossession order.