If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Legal loophole could prevent home possessions

Options

25-07-2011 4:31pm

#1

AshAdele

Registered Users Posts: 108 ✭✭

Join Date: May 2011

Posts: 95

A legal loophole has been exposed in the High Court that may affect hundreds of cases involving housing possessions.

The repeal of an old piece of legislation in 2009 means that mortgage lenders have been stopped from chasing certain borrowers who have fallen into arrears.

It effects mortgages that were taken out prior to December 1, 2009.

If the loan went into default and proper demands for repayment were not made before that date then the court has ruled that the lender cannot apply for possession.

The legal alternative for the mortgage company is to have a judgment registered but it is a lengthy legal process that can take several years.

"We are now clearly in uncharted waters," said David Hall, from legal group New Beginning.

http://www.eveningecho.ie/news/ireland/legal-loophole-could-prevent-home-possessions-514159.html

0