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'Talks are vital with distressed mortgages'

THE new talks strategy between distressed home owners and mortgage banks seems to be working, the Dublin County Registrar Susan Ryan said.

Ms Ryan, who deals with thousands of applications a year by finance houses relating to the repossession of homes, said that in most cases where there was adequate communication, things were working out.

"There is an accommodation and it seems to be working," she said.

"There are extreme cases which are unfortunate and others where there are legal issues, but in most cases banks and borrowers are coming to an arrangement."

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The County Registrar was dealing with an application by the Bank of Scotland for possession of the home of Derek and Brenda May, of Butterfield Meadow, Rathfarnham, Dublin 14.

Lauren Bailey, a credit control analyst with the bank, said there were arrears of just €40,000 on a €502,000 mortgage and the bank had been seeking possession of an outstanding sum of €567,224.

The bank's application had earlier been adjourned with leave for the bank to re-enter the proceedings.

Ms Ryan adjourned the bank's application to reinstate its repossession application.

Earlier this year the Government introduced legislation to resolve the mortgage arrears issue, which it described as one of the most serious social and economic issues facing the country.

hnews@herald.ie


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