David Hall - Mortgage Arrears Advocate - with Father Peter McVerry
High Profile Vulture Fund opponent David Hall has announced that his new housing group i-Care has rescued 11 families in Mortgage Arrears in Kilkenny over the last year.
I-CARE, which is funded by AIB was set up a year ago to rescue families in Mortgage Arrears trouble.
At the time the housing body pledged that it would resolve five hundred cases.
Instead it is poised to rescue up to six hundred Mortgage Holders which is significantly ahead of target.
The not for profit housing company dedicated specifically to the resolution of Mortgages Arrears involving those who are in long term distress and qualify for Social Housing Support.
Under a unique new process, a house in Mortgage Arrears is sold to i-Care at a substantial discount and I-Care then rent the house back to qualifying owners.
The home-owner agrees a thirty-year lease with i-Care where they lose their home.
However, those who are renting their former home can at any point re-purchase at the cost i-Care has paid.
They cannot sell the property on, though, or borrow irresponsibly to re-purchase.
The deal will be negotiated with the Irish Mortgage Holders Association (IMHO) who are experts in dealing with distressed mortgages.
Commenting on the Kilkenny figures David Hall the CEO of i-Care said; ‘’it is vital to note that i-Care is an All-Ireland based organization’’.
We are, he said; “very aware of the extent of the Mortgage Arrears problem and the deep concern about vulture funds invading our country-side’’.
Mr Hall said; “we are an Irish solution which will chase the vulture funds out of rural Ireland. We are very much open-for business, but people need to contact us at 1800-233-244 or firstname.lastname@example.org ’’
The i-Care CEO added “We are acutely aware Mortgage Arrears is as much a rural as an urban crisis. This is why working with groups like MAB’s, i-Care operates across the countryside.
These results also indicate; “there is a better way; that a real sustainable solution exists for families living under a shadow. They said it couldn’t be done. But it has. Promises made have been kept’’.
And he promised that; ‘In Kilkenny we intend to help a lot more families that are in trouble. But you must contact us. A silent priest never got a parish’’