18,000 families are set to be left without a home when the squeeze is put on landlords to evict their tenants ahead of their loans being sold to vulture funds.
There is currently nothing to stop the landlords who own these issuing eviction orders to anyone living in them.
Vulture funds are swooping to pick up properties that have fallen into arrears and an ever increasing number of these are Buy To Let homes.
Sinn Fein Housing Spokesman Eoin O Broin wants to change this and this week introduced a bill to the Dail calling for a ban on such evictions.
He wants the government to make it law that a tenant is guaranteed they can stay in their home even if it is sold on to a vulture fund.
Mr O Broin said: “I join the call for a ban on sales of homeowners and families having their homes sold to vulture funds.
“Until we some of the other reforms that can be introduced brought in, the sale of homes to vulture funds in the short term is absolutely unacceptable.
“These vulture funds are being sold to vulture funds at a discount.
“Large numbers of the families who are living in their homes were offered the same deals to restructure their mortgages at a discount, those mortgages would be sustainable.
So, in the first instance for the homeowners what we want is the right of the homeowner to restructure the mortgage based on a discount.
“If that was happening then there wouldn’t need to be sales to vulture funds.
“Also, if mortgages are being sold, they need to be sold to properly regulated entities, not to vulture funds.
“This idea that it is acceptable to sell to somebody who is going to flip overnight needs to stop.
“What is relevant to a lot of ordinary mortgage holders is that the majority of homes that are being repossessed at the moment, or are having pressure put on them by banks to voluntarily sell are Buy To Let (BTL) mortgages.
Tags: