On Newstalk’s ‘The Sunday Show’ Shane Coleman spoke to Karl Deeter (of Irish Mortgage Brokers) and David Hall of the IMHO.
It was to cover the topic of repossessions and some research that had been carried out by Karl Deeter and several others (Seamus Coffey, Economics lecturer in UCC, Brendan Burgess of AskAboutMoney.com and Simon Farrell, researcher) about what occurs in courts during possession hearings.
The debate was robust and lively.
Bill Tyson was writing in the Mail on Sunday and highlighted some of the research we have helped to carry out on the courts around Ireland when it comes to documenting repossessions.
We were pleased to see this get coverage that wasn’t driven by emotive bylines and rather considered the facts as presented.
Click on the image below to see the full size version
With the new report on repossessions out it is probably a good idea to look at some of the actual statistics. Many commentators mistakenly describe property that isn’t taken back through repossessions as a ‘repossession’ when it is more in line with liquidated damages.
A repossession by definition is a seizure of collateral securing a loan in default, in most jurisdictions this comes with a court order allowing the lien holder to reclaim the property. In a ‘voluntary surrender’ that isn’t seizure process, and in an abandonment it is also about limiting the value reduction of idle property, for that reason we break the figures down into court ordered possessions and those that are done by choice or by leaving them without notifying the lender.
Here’s what it looks like.
And what you can see is that the orange bar which is the abandonments and voluntary surrenders far outweigh the blue bars which are the ‘repossessions’ where somebody is being brought through the process in court.
The non-court repossessions …
