Jump in home repossessions expected
19/01/2010 - 07:34:49Thousands of repossessions are now expected after new figures show that close to 6,500 people stopped paying their mortgages more than a year ago.
The figure is three times the level it was a year ago.
Homeowners face renewed pressure from next month when Bank of Ireland and AIB will for the first time be allowed to instigate legal proceedings against mortgage defaulters.
A moratorium agreed with the Government forced the banks to wait a year before mounting legal action.
The new figures emerged in a report on the Irish Mortgage market by credit rating agency Moody's.
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