Dáil Éireann Debate, Tuesday - 3 November 2015
1113. Deputy Seán Crowe asked the Minister for the Environment, Community and Local Government the supports available for persons who are currently working on repaying arrears with their local authorities through the mortgage arrears resolution process; the number of persons who have never missed a payment; who, after three years, have not cleared their arrears; and who are in an affordable home, not a shared-ownership home. [38342/15]
View answer1115. Deputy Seán Crowe asked the Minister for the Environment, Community and Local Government if local authorities may add arrears to principal amounts and extend loan times. [38344/15]
View answerI propose to take Questions Nos. 1113 and 1115 together.
The Mortgage Arrears Resolution Process (MARP) is being implemented across all local authorities. My Department issued revised guidelines to local authorities for dealing with mortgage arrears within the local authority sector in June 2014. Dealing with Mortgage Arrears – A Guide for Local Authorities is available on my Department’s website by clicking on the following link:
http://www.environ.ie/en/Publications/DevelopmentandHousing/Housing/FileDownLoad,30943,en.pdf.
Extending the term of the mortgage to a maximum of 35 years and a maximum borrower age of 70, depending on the type of loan, the remaining term and the circumstances of the individual borrower, as well as adding arrears and interest to the principal amount due at the interest rate applicable to the parent mortgage, are long term resolutions available to borrowers in mortgage arrears distress. In addition, a Mortgage to Rent scheme, specifically for local authority mortgage borrowers, is also available as part of the MARP arrangements.
In cases of acute mortgage arrears distress, all homeowners also have the option of seeking to avail of the legal process now also in place to deal with personal insolvency. The most important step any family in arrears can take is to engage early with the Arrears Support Unit of the local authority. Solutions are available and advice should be sought as early as possible.
