Local TD Denis Naughten has highlighted the fact that 71,350 families in Roscommon and South Leitrim are in mortgage arrears of three months– based on an analysis of figures released by the Central Bank.
“These families are in a dire situation and the additional costs of returning to school, along with the failure to pass on recent interest rate reductions will force many more people into significant arrears,” stated Denis Naughten.
Speaking in the Dáil recently Deputy Naughten pointed out that these families, and thousands more who are struggling to manage financially, paid €6,000m last summer to the banks via the Government specifically to address mortgage arrears, yet it will be the end of this year before the banks intend to take any action to help with debt restructuring.
“The banks must immediately introduce measures to take equity or part ownership in a home, which would then allow families to continue to service their mortgage without having the full value of the loan written off.
“This would leave families in a position where they can maintain a roof over their heads while still protecting the taxpayer from further exposure if homes are repossessed and families forced to seek council housing.,” he said.