Abhaile Blog
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Accounts in Long-Term Mortgage Arrears Fall
The Central Bank has today released its report on 'Residential Mortgage Arrears & Repossession Statistics: Q1 2020'. At the end of March 2020, the total number of accounts in mortgage arrears increased by 2,841 or 4.7%. However, accounts in long-term arrears (over 720 days/2+ years) decreased by 2.5% over the quarter.
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Keeping your home with Mortgage to Rent
Could Mortgage to Rent (MTR) be the solution to your home mortgage arrears? We go through all the possible stages a borrower may encounter on their journey towards resolution with MTR.
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Keeping your home with an Alternative Repayment Arrangement
Could an Alternative Repayment Arrangement be the solution to your home mortgage arrears? We go through all the possible stages a borrower may encounter on their journey towards resolution through an ARA.
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Keeping your home with a Personal Insolvency Arrangement
Could a Personal Insolvency Arrangement (PIA) be the solution to your home mortgage arrears? We go through all the possible stages a borrower may encounter on their journey towards solvency through a PIA.
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Study Finds Mortgage Arrears Cases in Courts for +6 Years
A new research report by the Centre for Housing Rights, Law and Policy, finds banks are more likely to move for repossession of the home than Non-Banking Entities (NBEs), sometimes called ‘vulture funds’. The findings detailed in ‘A Lost Decade - Study on Mortgage Possession Court Lists in Ireland’, examines repossession court lists between April 2019 – December 2019.
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Accounts in Mortgage Arrears Continue to Decline
The Central Bank has today released its report on Residential Mortgage Arrears & Repossession Statistics: Q4 2019 . Since the end of December 2019, the number of accounts in mortgage arrears has fallen by 1,206 or 2%.
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COVID-19 - Mortgage Payment Breaks FAQs
Topics include: What is a payment break?, If I’m in mortgage arrears, can I get a payment break?, Are there other supports available for those already in mortgage arrears?
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Five "Vulture Fund" FAQs
Topics include: What is a Non-Bank Entity? How can I deal with a Non-Bank entity? Will Non-Bank Entities do arrangements for borrowers? Do Non- Bank Entities operate in the courts? Can a Non-Bank Entity appoint a receiver?
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Accounts in Mortgage Arrears Decrease by 5%
The Central Bank has today released its report on Residential Mortgage Arrears & Repossession Statistics: Q3 2019. Up to the end of September 2019, the number of accounts in mortgage arrears has fallen by 3,241 or 5%. Read more to find out all the details.
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What is the Mortgage Arrears Resolution Process (MARP)?
How can it help me? What is the Mortgage Arrears Resolution Process (MARP)? What are the steps in the MARP? What protections does the MARP give borrowers? What does a Standard Financial Statement (SFS) look like? How do I start the MARP process?
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Ask The Expert: Week 12 Show Notes - Best Bits
Topics covered in Week 12: If your mortgage is sold to a "vulture fund", it doesn't mean that your home will be repossessed? What should someone do if they know they will fall into arrears because of a job loss? What advice would you give to someone attending a repossession court? How important is it to attend the repossession court? What does the agreement between MABS and the BPFI mean for borrowers in mortgage arrears? Is there a fear factor that prevents people from receiving the supports their entitled to?
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Ask The Expert: Week 11 Show Notes - Best Bits
Topics covered in Week 11: Credit Servicing Firms (sometimes called "vulture funds") now own approximately 20% of all home mortgage accounts. How is this going to affect borrowers? What supports can a borrower expect on their first visit to the repossession court? What is the Mortgage to Rent scheme and how does the application work? A listener asks how they can address mortgage debt when they’re separated and their ex-partner is not engaging. Is there a solution for everyone? What is the first step a borrower in mortgage arrears should take?
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Ask The Expert: Week 10 Show Notes - Best Bits
Topics covered in Week 10: Is Abhaile only available to those who earn a high income? Does it help your lender and the Court if you use MABS? What should someone do if they are separated but, have found out their mortgage is in arrears because their ex-partner was hiding it? What is the difference between a Debt Relief Notice, a Debt Settlement Arrangement and a Personal Insolvency Arrangement? Finding a resolution to mortgage arrears is all about borrowers engaging with the available services? Is it fair borrowers in mortgage arrears get debt write down?
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Five Mortgage Arrears Repossession Court FAQs
Topics include: Should I attend my court summons for repossession? Are there free legal and professional supports at the repossession courts? Am I liable for legal costs from my lender? Do Credit Servicing Firms (commonly referred to as "vulture funds") operate in the same courts as the banks? How long does a repossession court order last?
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The MABS and BPFI agreement - what does it mean for borrowers in arrears?
The Money Advice and Budgeting Service (MABS) and the Banking Payments Federation Ireland (BPFI) have introduced a number of new rules to help borrowers resolve their home mortgage arrears. Read more to find out the benefits.
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Ask The Expert: Week 9 Show Notes - Best Bits
Topics covered in Week 9: What should a borrower do if they can't afford their mortgage payments? Do borrowers in mortgage arrears have legal and statutory rights? What is ‘The Land and Conveyancing Law Reform (Amendment) Act 2019’ Bill? What is the Mortgage to Rent scheme? Does the profile of a borrower’s case affect their eligibility for Abhaile and their potential arrangements?
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Abhaile - "A Roof over You" Campaign
The Abhaile Communications team has launched a new campaign to promote a message of hope and encourage those struggling with long-term mortgage arrears to engage with the services provided through Abhaile.
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Ask The Expert: Week 8 Show Notes - Best Bits
Topics covered in Week 8: Will "vulture funds" consider different options proposed to them? What sort of expenses are considered as Reasonable Living Expenses? How does the Mortgage to Rent (MTR) scheme work? What is the application for a Personal Insolvency Arrangement (PIA)? What options would a borrower whose home is in negative equity and can’t afford mortgage repayments have?
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Ask The Expert: Week 7 Show Notes - Best Bits
Topics covered in Week 7: What should I do if my home has been sold to a "vulture fund"? Can legal charges be refunded in repossession cases? The effect mortgage arrears can have on family breakups. What happens when only one party engages with the lender after a separation? What can a borrower expect when they engage with Abhaile? Is mortgage protection worth it?
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What are Reasonable Living Expenses (RLE’s)?
Why are Reasonable Living Expenses important? Why are Reasonable Living Expenses used? How are Reasonable Living Expenses determined? What is considered Reasonable Living Expenses? Case Studies of Reasonable Living Expenses.
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Ask The Expert: Week 6 Show Notes - Best Bits
Topics covered in Week 6: What is the Abhaile scheme? If you receive a court summons, will you lose your home? What's the next step after a 'fund' buys your mortgage? What is the Boxer Moran Bill? The trust creditors have towards MABS. Is it ever too late to address home mortgage arrears?
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Ask The Expert: Week 5 Show Notes - Best Bits
Topics covered in Week 5: What happens when a 'vulture fund' buys a mortgage account in arrears? Is there a solution for everybody? What's a Protective Certificate in Personal Insolvency? Does the bank come up with the solution? Am I eligible for Mortgage to Rent?
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Ask The Expert: Week 4 Show Notes - Best Bits
Topics covered in Week 4: What should you do when you receive a legal letter? Is a free service a useful service? How does Mortgage to Rent work? An Insolvency Arrangement case study.
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7 Steps to a Mortgage Arrears Resolution - A Borrowers Journey
Abhaile is the Free Mortgage Arrears Support Scheme made up of a network of qualified and regulated financial, legal and insolvency professionals. The Money Advice and Budgeting Service (MABS), Insolvency Service of Ireland (ISI) and the Legal Aid Board (LAB) work holistically and collaboratively to provide the necessary supports under Abhaile. Over 90% of borrowers who have engaged with the scheme and reached a solution to their mortgage arrears get to stay in their home.
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Ask The Expert: Week 3 Show Notes - Best Bits
Topics covered in Week 3: What is the Dedicated Mortgage Arrears (DMA) adviser service? If i'm in court, where can I find a MABS Court Mentor? Its never too late to address the issue of mortgage arrears. Borrowers who choose not pay their mortgage. Abhaile's success rate in keeping borrowers in their home. How does debt write off work?
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Ask The Expert: Week 2 Show Notes - Best Bits
Topics covered in Week 2: What does Abhaile do? What should a borrower do when they receive a letter to go to court? What is insolvency? Mortgage arrears and relationship breakdown. What is Mortgage to Rent? What are the success rates for Abhaile?
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Possible Solutions to Home Mortgage Arrears
There are many possible restructures or treatments available to borrowers who are in home mortgage arrears. Depending on a borrower's personal circumstances and financial capabilities, one or a combination of the below solutions may help them restructure their mortgage and return them to solvency.
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Ask The Expert: Week 1 Show Notes - Best Bits
Topics covered in Week 1: What does Abhaile do? What does a PIP do? What other services are available through Abhaile? What does the service cost? What is the first step in seeking the available supports?
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I’m in home mortgage arrears, what should I do?
You might think it will never happen to you, but it’s easy to get into mortgage arrears if your situation changes or the unexpected happens. If you experience a temporary setback or a long-term change in your circumstances, it doesn’t necessarily mean that you’re going to lose your home. There are supports out there to offer advice and practical support - even if you’re facing the threat of repossession. The following steps should be followed if you are in mortgage arrears and seeking help.
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Residential Mortgage Arrears in Ireland continues to decline
The Central Bank has this week released its report on ‘Residential Mortgage Arrears & Repossession Statistics: Q4 2018’. Since the end of September 2018, the number of accounts in mortgage arrears has fallen by 2,367.
