Up to 2,000 Galway families at risk of losing their homes

Over 2,000 houses across County Galway – many of them family homes – are currently in the process of being repossessed by lending institutions who are going through the courts to take the properties back.

And the reality is that even families making every effort to pay off some of their mortgages still have the threat of losing their homes hanging over them.

Last week alone there were more than 100 cases listed in Galway Circuit Court – and a substantial number of them are not second homes or investment properties bought in the boom.

Court records show that there are a growing number of family homes facing repossession applications from lending institutions and vulture funds who bought up loan books from sub-prime mortgage lenders.

In some cases last week, repossession orders were granted with the owners of these properties having to move out of their homes within three to six months and find alternative accommodation – and even this is proving difficult in the current property environment.

Barrister and Councillor James Charity said that some of these were “ordinary families” who were struggling to pay the full extent of their mortgages.

“These are families who live in houses with mortgages that they simply cannot pay. Even in situations in which they are paying off part of the mortgage, the lenders are coming after them. There is absolutely no compassion in what they are doing,” Cllr Charity said.

For the rest of this story, see this week’s Connacht Tribune. Buy a digital edition of this week’s paper here, or download the app for Android or iPhone.