More than 420 homes repossessed in Q3 2016

The latest Residential Mortgage Arrears and Repossession Statistics report states: “During the third quarter of 2016, legal proceedings were issued to enforce the debt/security on a PDH mortgage in 1,210 cases.

“During Q3 2016, there were 481 cases where court proceedings concluded but arrears remained outstanding. In 300 cases the Courts granted an order for repossession or sale of the property.

“There were 1,678 properties in the banks’ possession at the beginning of the third quarter. A total of 421 properties were taken into possession by lenders during the quarter, of which 141 were repossessed on foot of a Court Order, while the remaining 280 were voluntarily surrendered or abandoned.

“During the quarter 400 properties were disposed of. The number of properties in possession at the end of the quarter are also impacted by reclassifications. As a result, lenders were in possession of 1,698 PDH properties at end-September 2016.”