DENISE McCormack fears her mortgage will end up being sold off to a new firm that will hike the interest rates.
She is a part-time cleaner in Wexford General Hospital and her husband, Patrick, is an unemployed truck driver.
The couple have three children between the ages of three and 11, and she said it was a struggle to meet the mortgage payments.
"We are terrified where the mortgage will end up. We could end up with the mortgage owned by a vulture fund," she said.
The couple owe €130,000 on the mortgage that was taken out with Irish Nationwide Building Society in 2007. The variable interest rate is 3.9pc, and the couple repay €779 a month.
"We are struggling to pay as it is, so we could not afford it if some other bank took it over and increased the interest rates."
Irish Nationwide Building Society was taken over by IBRC, which is now being liquidated.
But they are not in negative equity – the house is worth more than they owe on it. "The fact that we are not in negative equity means it could be worth our while taking the house." Ms McCormack has considered taking a redundancy deal from the HSE to fund a buy-out of the mortgage.
As her redundancy would not be enough to buy out the mortgage, she applied to Bank of Ireland for a €50,000 loan but was refused. And IBRC is not entertaining any deals from mortgage holders. Ms McCormack said this was unfair.