Mortgage Arrears Help.
This article is for you if you are either in, or about to fall into, arrears on your mortgage repayment.
If you fail to make a payment on the due date, either in full or in part, and subsequently are unable to bring the payment fully up to date within 31 days, then you are in arrears and are entitled to avail of the procedures under the Mortgage Arrears Resolution Process.
More than 100,000 people are now in mortgage arrears in the Republic.
What is the Mortgage Arrears Resolution Process?
In summary it involves five stages:
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Communication.
If you fall into arrears, as per the above definition, your mortgage lender must write to you.
They will inform you that the arrears are now being dealt with using the MARP and will include information about how this process works.
(See downloads below for MARP information booklet)
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Assessment.
You must provide information to the mortgage lender about your current circumstances.
The MABS (Money Advice and Budgeting Service) may be able to assist you in the completion of the standard financial statement (SFS) that details your circumstances. (See downloads below SFS)
When you have given the required details, the mortgage lender will review the information provided and prepare their response.
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Resolution.
The lender must review what options (if any) exist to create an alternative arrangement to deal with mortgage debts.
This must be acceptable to both sides.
When they have done so, it is then up to you to consider their proposals.
You may wish to get professional advice when considering the acceptability of such proposals.
As part of the Mortgage Arrears Information and Advice Service, your participating lender will pay €250 for a consultation with an accountant of your choice drawn from a panel composed of members of recognised accountancy bodies including the Institute of Chartered Accountants Ireland, the Association of Certified Chartered Accountants and the Institute of Certified Public Accountants.
Remember when getting advice, that you should consult an independent qualified insurance adviser when considering your insurance options.
Our independent qualified experts can help you to choose from every mortgage protection provider in Ireland.
Your bank may be tied to one provider. Remember you are free to choose.
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Appeals.
You can formally appeal against the options (or lack of them) that your mortgage lender has offered to you if you wish.
A senior panel at the mortgage lender will then review your case. however, under the new code of conduct for mortgage arrears (CCMA) this is not included as part of the MARP.
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Repossession.
If you are engaging and cooperating with the MARP repossession actions should not begin for at least one year from the date that your case came under the Mortgage Arrears Resolution Process.
It should also not begin if you have come to an alternative repayment arrangement with the lender that you have subsequently abided by.
If you cannot come to an agreement, do not stick to an agreement, or fail to engage properly with the process your home may be at risk.
For further info please download the following booklets:
An overview of the Central Banks Code of Conduct on Mortgage Arrears >>
Code of Conduct on Mortgage Arrears 2013>>
A Consumer Guide to Code of Conduct on Mortgage Arrears>>
Industry Standard Financial Statement>>
A Consumer Guide to completing a Standard Financial Statement>>
What can I do to reduce my mortgage repayment outgoings?
If you are in arrears, this affects your credit rating, so you probably would not qualify for a new loan. All is not lost, however as you can and should examine the cost of your mortgage protection life cover.
The temptation to let it lapse, may be great when you find yourself in financial difficulties.
That is probably,the time when you need it most. The stresses associated with coping with debt can place a huge burden on your health. What would happen to your family if you died and the loan was not paid off because you cancelled the mortgage protection policy?
How has the market affected the price of mortgage protection cover?
The price of mortgage protection is AT ITS LOWEST in real terms.
If you took out mortgage protection through your lender 5 years ago, it will pay you to consider changing cover to a new insurance provider. This can amount to a major saving, when put over the term of the loan.
I am negotiating an interest payment only period for my mortgage, will this affect my mortgage protection cover?
The answer is yes and no.
It will not affect your mortgage protection policy as such, but it may leave you with the arrears to pay after the death of your mortgage partner.
The mortgage protection policy is set up to pay off the mortgage. It is not designed to pay off arrears.
You should consider level term insurance to pay off the arrears. See article for more>>
How can I be sure that I am getting the best priced mortgage protection life cover on the market?
Let our qualified experts compare the market for you and get your best policy.
We deal with all of the mortgage protection insurance providers in Ireland. 
We can advise on which one is best for you.
Our service is FREE.
Start reducing your overheads today.
Call 1890 666 666
or use the quote button
