New database of ‘unnecessarily repossessed family homes’ due online by year’s end

A centralised online database of "unnecessarily repossessed" homes could be operational by the end of the year, leaving potential buyers with a "moral choice" over whether to purchase them.

David Hall of the Irish Mortgage Holders’ Organisation said he was currently undertaking a “clearance procedure” in relation to data protection issues so the website could go live before the end of the year.

Mr Hall made his comments ahead of the first 24-hour online auction of 22 properties, beginning on July 8.

Under an agreement with auctioneers Allsop Space, the IMHO has the opportunity to review all properties due to go under the hammer at auction to determine if any are “unnecessarily repossessed family homes”.

Mr Hall said that description applied to homes where a bank or lender could have provided an alternative restructuring arrangement but had refused to do so.

The database would feature all such homes, with the IMHO hoping it will make any potential bidder aware of the nature of the sale, and that it could also apply pressure on the lender in those circumstances.

“It is where alternative forbearance measures should be available,” Mr Hall said.

He said any families in such a scenario could come forward with the details for inclusion on the database, once data protection issues were resolved.

Mr Hall said a case due before the High Court next month would test the code of conduct on mortgage arrears, as it features a property in which a family has requested the option of mortgage to rent so they can stay in their home, but the bank refused.

There are currently 35,000 people in mortgage arrears of more than two years and Mr Hall said as many as 10,000 of those could be properties that may warrant inclusion on the database.