Borrowers falling into home mortgage arrears due to an unforeseeable loss of income will gain court protection under new legislation which has cleared the Oireachtas.
The Personal Insolvency (Amendment) Bill 2020, which will now be signed into law, gives insolvent homeowners the right to seek review by a court if their mortgage lender or other creditors refuse a reasonable proposal for a personal insolvency arrangement.
This is already an option under the Personal Insolvency (Amendment) Act 2015, but only for home mortgage arrears dating from before 1 January 2015.
James Browne, minister of state for law reform, youth justice and immigration, said: So a person at risk of losing their home, whose financial diffi…
Read the full article at: https://www.irishlegal.com/article/bill-providing-court-protection-to-borrowers-in-mortgage-arrears-clears-oireachtas