Hard year looms for homes in arrears

The Irish Mortgage Holders Organisation warns that 2014 could be “particularly rough” for homeowners in arrears due to the Central Bank’s failure to put a transparent arrears policy in place.

David Hall of the Irish Mortgage Holders Organisation says there is clear evidence of banks targeting homeowners in arrears whose properties are not in negative equity.

“It is predatory behaviour and there is a massive demographic of people in their 50s and 60s who fit this bill as they released equity in their homes or went guarantor for a son for daughter. They are going through mental torture every day. This is a demographic who are under huge pressure but nobody is looking at this sensibly,” he said.