Ten Longford families in mortgage arrears saved from repossession

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i-Care

David Hall (centre) at the launch of his new housing group i-Care

Ten Longford families in danger of seeing their homes repossessed have been rescued by a housing body, new figures show.

High Profile Vulture Fund opponent David Hall announced his new housing group i-Care came to the aid of those affected over the last year.  

I-CARE, which is funded by AIB was set up a year ago to rescue families in Mortgage Arrears trouble.

At the time the housing body pledged that it would resolve five hundred cases.

Instead it is poised to rescue up to six hundred Mortgage Holders which is significantly ahead of target.  

The not for profit housing company is dedicated specifically to the resolution of Mortgages Arrears involving those who are in long term distress and qualify for Social Housing Support.  

Under a unique new process, a house in Mortgage Arrears is sold to i-Care at a substantial discount and I-Care then rent the house back to qualifying owners.   

The home-owner agrees a thirty-year lease with i-Care where they lose their home.

However, those who are renting their former home can at any point re-purchase at the cost i-Care has paid.

They cannot sell the property on, though, or borrow irresponsibly to re-purchase.

The deal will be negotiated with the Irish Mortgage Holders Association (IMHO) who are experts in dealing with distressed mortgages.

Commenting on the Longford figures David Hall the CEO of i-Care said; "It is vital to note that i-Care is an All-Ireland based organisation’’.

We are, he said: "very aware of the extent of the Mortgage Arrears problem and the deep concern about vulture funds invading our country-side’’.

Mr Hall said; ‘’we are an Irish solution which will chase the vulture funds out of rural Ireland. We are very much open-for business, but people need to contact us at 1800-233-244 or info@icarehousing.ie