600 orders for repossessions issued last year
Published 18/02/2011 | 05:00
THE courts issued 600 orders for the repossession of houses last year, with many of those being granted to lenders in cases where no repayments had been made for an extended period.
The majority of repossession orders are for residential properties, with 263 of the 306 properties seized by the banks in the Circuit Court last year granted because of defaults on home loans.
Although sub-prime lenders such as Start Mortgages have so far dominated High Court repossession actions, taking up around half of all cases, mainstream lenders such as Bank of Ireland, AIB, Irish Nationwide and EBS are now active in both the superior courts.
Lenders cannot initiate legal action to repossess a house until every reasonable effort has been made to reschedule the mortgage repayments.