The drafting of the Courts and Land and Conveyancing Law Reform Bill, 2018 (the “Bill”) was recently approved by the Government and will be aimed at giving additional protection to homeowners with mortgage difficulties. The Bill originates from and expands on the principles of the Keeping People in their Homes Bill 2017.
The Bill will require the courts to take into account a number of factors when considering an application for a possession order. These factors include:
If the Bill is implemented, such provisions are likely to have significant implications for lenders enforcing security, and for purchasers of loan portfolios containing principal private residents. Such implications may include;
While the objective of the Bill is consumer protection and the protection of the family home, there is little acknowledgment for the commerciality adding these considerations to an already protracted process which is usually only commenced after compliance with the Code of Conduct on Mortgage Arrears.
The Bill is to be debated in the Houses of the Oireachtas in the coming months.
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