Lenders agree to write off home loans

THOUSANDS of homeowners burdened with rapidly mounting mortgage debts have been given a ray of hope, with news that some lenders are agreeing to take back properties without expecting the distressed owners to pay off the balance of their loans.

Details obtained by the Irish Examiner show that five mortgage holders have had their loans written off in recent months, after agreeing to move out and give up their homes.

Another four cases are progressing and nearing final stages of agreement.