Fianna Fáil TD for Wicklow Stephen Donnelly has called on Wicklow residents in mortgage distress to contact iCare to seek a solution.
Deputy Donnelly made the comments after hosting an Oireachtas briefing on iCare, the new voluntary housing body founded by David Hall. The organisation aims to keep people who are in mortgage distress in their homes.
Deputy Donnelly commented, “For those who qualify, iCare could be what keeps Wicklow families in their homes, end years of financial stress, and helps them rebuild their own financial stability and security. Instead of offering big discounts on distressed mortgages to vulture funds, iCare essentially makes those discounts available to families.
“iCare’s model is simple. An individual or family with an unsustainable mortgage surrenders their home to the bank. The bank closes out the full mortgage, including any residual debt in cases of negative equity. iCare buys the home from the bank at a discount and signs a 28-year lease with the family. The Local Authority pays most of the rent to iCare. The family can, at any time, buy back their home from iCare at the discounted price iCare paid the bank.
“I am calling on all of those families in Wicklow who are currently experiencing mortgage difficulty to get in touch with iCare. This is a game changer for those in the most severe situations, and it needs to be at least considered.”