A public meeting to discuss the possibility of setting up a Galway Mortgage Holders Association to represent the growing numbers of mortgage holders getting into difficulties will be held this Monday in the Westwood Hotel at 8pm.
The meeting is being organised by the Independent councillor Daniel Callanan who is concerned by the growing number of repossession cases coming before the courts.
“The mortgage holder who has fallen into arrears, generally through no fault of their own and more than likely as a result of being made unemployed, seems to be the forgotten victim of this recession,” said Cllr Callanan. “For the last year the Government has been bailing out the banks and developers at the cost of billions of euro to the taxpayer. Yet where is the help for the mortgage holder?”
He said the growing level of repossessions “is not desirable” either from a social or financial point of view. He said questions must be asked regarding how the banks intend to sell these properties and who will rehouse and pay for those people losing their homes.
Cllr Callanan said it is time for mortgage holders to fight back and for the Government to draw up a charter of rights for mortgage holders. He said it should include an immediate two-year moratorium on all repossession cases. Where a person loses a job there should be an immediate freeze on interest to allow a period of time for the mortgage holder get back on his/her feet. He also said the adding on of legal fees and interest was an “outrage”.
“Mortgage holders have to organise and fight back against these financial institutions which are threatening to beggar our country,” he said. “I would therefore urge people to attend and voice their opinions on Monday night. There will be advice available for those in difficulty now or likely to be in difficulty in the near future.”
