FLAC, the Free Legal Advice Centres, has provided an advice and information leaflet for those who may be facing difficulties with their mortgage repayments.
The document, available on their website here, entitled “Guidelines on mortgage arrears” details issues that may face people who have fallen behind on their payments, such as what is negative equity, what to do when creditors or debt collectors are in constant contact, and where to access legal advice and information.
Some of the questions covered are:
- What should I do if I have fallen into arrears or if I think I will fall into arrears with my repayments?
- What are the implications of negative equity?
- What can I do if I feel debt collectors are harassing me constantly to collect the debt?
- What can I do if the lenders are making constant contact with me about repayments?
- What is the Code of Conduct on Mortgage Arrears?
- What are the legal procedures for repossession?
- What if I can’t afford a lawyer to get legal advice?
You’ll hear a lot of commentary recently about what’s happening (particularly in the UK and the US) when people with mortgage difficulties are simply ignoring the problem and in many cases simply giving up on their houses and their mortgages and walking away.
They’re not options available to us here in Ireland (not without consequences anyway), so if you’re facing mortgage difficulties, or even just for information purposes, it’s a document worth checking out.