How to ease the burden if you're in arrears
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OTHER ways to ease the financial burden if you find you have mortgage arrears include:
- First, try maximising your income.
Check that you are getting all your social welfare and tax entitlements. Your local Citizens Information Centre will be able to help you (your telephone directory contains details of the centre nearest you).
There may be other ways of maximising income, like letting a room, for example, with the lender's permission.
- Don't ignore legal proceedings. If you are genuinely trying and if you show up in court, judges are unlikely to give your lender an order to repossess your home.
Just 112 residential properties were repossessed between January 2005 and June 2008, according to the Financial Regulator.
If you don't show up in court, you will lose your home, according to Brendan Burgess of www.askaboutmoney.com.
- Know your entitlements. And make sure you are receiving your mortgage interest tax relief.
Also, if you are on welfare, the Department of Social Welfare may help you with repayments.
- If you need financial advice, the Money Advice and Budgeting Service will help you with your household budgeting and will deal with your creditors on your behalf. See www.mabs.ie.
