On another thread thepropertypin.com/viewtopic.php?f=10&t=44532&start=990 there is some knowledgeable-sounding chatter that the Dunne judgement law correction now has been signed and passed into law, and that various banks have begun to begin the process for a large number of repossessions, or at least are about to send out letters soon. Is this correct or not? Any insights on timescale and magnitude? These events (if they are actually occurring) seem crucial for understanding property market trends over coming months.
I saw something on Twitter today from one of the usual suspects (don’t remember who) saying it comes into force from tomorrow, July 31.
I believe that tomorrow is the last day that it can be dragged out to. I had thought for sometimw that if they had moved on this around February time then they would not have a glut of repossessions around Christmas time, it would be around Sept/Oct. Perhaps the timing of all this is to make some bad press for the banks around Christmas time? Or perhaps it is because the government are lazy and incompetent?
I’d bet on lazy and incompetent.
Just for reference, the bill was enacted on the 24th July:
oireachtas.ie/documents/bills28/acts/2013/a3013.pdf
oireachtas.ie/viewdoc.asp?DocID=23221&&CatID=59