Home repossession orders soar- new figures
Published 05/05/2015 | 07:14
The number of home repossession orders made by the courts has soared more than 500pc since last year.
New figures from the Courts Service show 586 repossession orders were made by the Circuit Court in the first quarter of 2015, compared to 95 in the first quarter of 2014.
Almost 400 of the orders were for primary homes, and almost 100 were for buy-to-lets, the figures obtained by The Irish Times show.
The making of such an order does not necessarily mean a home has been repossessed, as it is up to the entity who gets the order to pursue its executive, a Courts Service spokesman said.
However, mortgage holders in difficulty will soon be able to walk away from debts but stay in their homes under a new mortgage-to-rent scheme, the Irish Examiner reported.
Home owners will have to sign their homes over to their bank but would remain in the property as social housing tenants.
Banks would be able to sell the properties to private companies, with local authorities acting as management companies leasing the property.