WORRIED ABOUT MORTGAGE ARREARS OR DO YOU KNOW SOMEONE WHO IS?

Name: ABHAILE
Item: ABHAILE
Author: Christina

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. You might experience a temporary setback or a long-term change in your circumstances, but it doesn’t always mean that you’re going to lose your home. There are supports out there to provide advice and practical support – even if you’re facing the threat of repossession.

You must not ignore the problem of mortgage arrears. When letters from creditors or solicitors begin to arrive in the door, it’s a very natural response to bury your head in the sand in the hope that the problem will go away. Borrowers who engage with their lender in a mortgage arrears resolution process (MARP) have a higher chance of reaching a positive and long-lasting arrangement, according to the Central Bank of Ireland.

Shame, stress and isolation are barriers to people coming forward and engaging in these processes. However, the sooner you seek professional help, the better, not only for your financial situation but your mental and physical health too.

Who is there to help?

Abhaile is a State-funded mortgage arrears support service that works to help homeowners find the best solutions to their home mortgage arrears and, where possible, to keep them in their own homes. The financial and legal services provided by Abhaile are free of charge. To qualify, you must meet all four of these conditions:

Be in mortgage arrears on your home.
Be insolvent. This means that you are unable to pay your debts in full as they fall due.
Be at risk of losing your home because of your home mortgage arrears.
Be reasonably accommodated, i.e. the costs of continuing to live in your home are not disproportionately expensive.

MABS or your PIP will be able to tell you whether you meet these conditions.

Financial Services

Financial advice is provided through a MABS Dedicated Mortgage Arrears Adviser (DMA), a Personal Insolvency Practitioner (PIP)* or an Accountant, if your case requires one. The dedicated adviser will work with you and your lender to find the best solution for you and your situation.

Legal Services

The legal services available to you are a Consultation Solicitor and a Personal Insolvency Court Review Service. The Review Service is only available if you have already worked with a PIP and have had a Personal Insolvency Arrangement (PIA) to your creditors rejected.

A MABS Court Mentor and a Duty Solicitor are present at the possession hearing to provide support. This is service is provided in line with COVID-19 public health measures and procedures. The service may be limited as a result. You should contact the MABS helpline before you attend a possession hearing in court. Contact details available at the end of this article.

Remember, you are not alone

To date, Abhaile has helped over 14,600 people. The key message for those in arrears is that “it is never too late to seek advice”. No matter how bad the situation appears, a positive outcome can be achieved.

If you are in mortgage arrears and fear you are at risk of losing your home, you may be eligible for assistance under the Abhaile service.

For information, visit www.mabs.ie/en/abhaile/ or call the MABS dedicated helpline on 076 1072000

* Personal Insolvency Practitioners are regulated by the Insolvency Service of Ireland

*Guerin Media Ltd does not take responsibility for claims made in the advertisement. We encourage all Seniors Card holders to use discretion and to investigate credentials and references.

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