A radical approach is needed to deal with family home loans that have been in arrears for two years or more.
That’s the view of Paul Cunningham, the CEO of Home for Life.
It comes as latest figures reveal that over 1,000 family home loans have been in arrears for two years or more in Cavan and Monaghan.
The Home for Life CEO said that people who have been in arrears for two years or more are deemed to be in “deep arrears”, and are at real risk of losing their family home because of an inability to service their mortgage debt.
While there have been substantial reductions in the numbers of those in mortgage arrears, Paul Cunningham says the numbers of people in “deep arrears” is rising.
He says that more people need to be made aware of the government’s mortgage to rent scheme.
Speaking to The Wider View, he explained what the mortgage to rent scheme involves: