Mortgage Arrears - Mortgage to Rent Scheme

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ronron

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Under this scheme, a distressed borrower ( mortgage unsustainable )will value the property with 2 valuers, and the bank will realise their security by selling it to (the state) a social housing agency or local authority.

In return the borrower remains in the property at starting rate of 10% of their assumed distressed income, and will have to deal with the negative via a DSA.

The effect of the scheme is that it provides the banks with an opportunity to liquidate cash ( at a minimal cost) through the state which will finance the agency intervention.

I assume unsustainable mortgages can only escalate, and the cost of this scheme will be alarming.
 
Other Options

Well 150 People from Cork are on Utube going to the High court filing Plenary summons against their various lenders last week.
Apparently there was another 50 this week.
Then there was a large public meeting last night in Waterford.
They are free and I have nothing to do with it, their facebook page is called debtoptions.
I was in the high court watching the cases last week, there was a lady there doing a voluntary surrender and the barrister for the bank was speaking for her. 5 times the judge gave her the opportunity to say no and 5 times she testified against herself.
 
Is this scheme in place yet?

I presume single people would not have this as an option??
 
There's a lot more to it. The scheme is in place, and yes, it is available to single people as long as the property is fit for purpose, eg a single person in a 4-bed house would not qualify. Summary of the scheme is [broken link removed].

While the costs may well increase, the scheme is limited in the number who can partake of it. Also the housing agency purchasing the property is buying at current market value, at the bottom of the market, and as they are long term purchases, the socail housing agencies will be asset rich in the future.
 
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