Posted by jj on June 01, 2011 at 13:43:58:
In Reply to: re: Settin record straight on mortgage arrears posted by Troy McClure on June 01, 2011 at 11:09:49:
I didn't say there wasn't a crisis.
In 2010, 838 court proceedings were issued.
Currently (and these figures are for March 2011) 90,000 are in arrears. Although things are not getting much better, things are not getting much worse either.
I acknowledge an increase in base rates across Europe will have a huge impact but we shouldn't over state the problem.
I am currently investing in Residential Mortgage back securities in Ireland and across Europe and I am happy with the risk.
I acknowledge the issues with any consumer related business but given what has gone on over the last three years we should acknowledge that the vast majority (over 90%) are meeting their mortgage repayments as set down in their agreements.
At the bottom of the article, the writer asks for a few changes to be made to legislation in relation to negative equity mortgage once the property is sold and other conditions.
But I will reiterate a point - that if people are close to despair or in arrears please contact the lender immediately (plus the Mortgage Arrears and Personal Debt Group). Ignoring the problem only makes the problem worse.
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