More than 3,000 avoid homelessness on back of mortgage arrears scheme
More than 3,000 people have avoided homelessness on the back of the mortgage arrears aid scheme, its annual report has stated.
The Abhaile scheme, which provides aid and advice to those in mortgage arrears, said in its report that more than 70pc of those who have received aid from a personal insolvency practitioner (PIP) have been in arrears for two years or more.
It stated that this group of homeowners is the target market for who it aims to assist.
"Due to Abhaile, over 3,300 solutions are now in place, or on trial, for insolvent borrowers, who were at risk of losing their home due to mortgage arrears, and in many cases facing repossession," the report stated.
In total - over the first two years of its operation - 10,000 households have received advice and support from the Abhaile scheme.
It said that, as of July last year, 30pc of borrowers who had engaged with its financial advice have a solution in place or on trial or will do within a year of seeking aid.
A further 53pc do not yet have a solution in place, but Abhaile is working with the borrower towards this, it said in its report.
Justice Minister Charlie Flanagan said that the scheme is delivering real solutions.
"The number of home mortgage accounts in arrears has now fallen to less than half its late 2013 peak," Mr Flanagan said.
"I am particularly pleased to see that Abhaile is delivering results even for borrowers in the more challenging levels of arrears, who are those most at risk."
One particular solution that was found for a divorced mother of three secured a write-down of €80,000 on her family home, the report detailed.