Family Home Mortgage Settlement Arrangement Bill 2014

Public bill · Private Member · Introduced

The proposal would create a court-approved process to help people in serious arrears on their family-home mortgages reach a sustainable settlement with their lender, with the Insolvency Service of Ireland overseeing the process. Eligible borrowers who have completed the mortgage-arrears process and provided full financial information could receive protection from repossession for up to 180 days while options such as lower or deferred payments, longer terms, splitting or reducing the mortgage, or selling the home are considered. The court could approve, change or reject the arrangement, which could later be ended or varied if the borrower breaches it, supplied misleading information or remains at least 12 months behind.

Formal long title

Bill entitled an Act to provide for the enactment of a Family Home Mortgage Settlement Arrangement by the Insolvency Service of Ireland to assist mortgage holders in arrears

Last updated 12 April 2018