Mortgage Arrears Resolution Process (MARP)

We   have  introduced a process called Mortgage Arrears Resolution Process (MARP) to help support borrowers who are currently experiencing financial problems, or feel they may soon experience problems with their mortgage repayments.

Standard Financial Statement (SFS)

In order to assess your financial situation and the best payment option for you,  it is necessary for you to complete a document called Standard Financial Statement (SFS). In this document you will have to provide information on your current income and expenses and details of other amounts you owe and any assets you own. You may need assistance with the completion of this form and might find it useful to contact  MABS or Citizen Information Office or as outlined in detail above.

Assessment

Once you have submitted your completed application, a member of the  Mortgage Arrears Team will contact you to arrange an appointment to discuss your account. Supporting documentation will be required. A decision will issue as soon as possible outlining any new alternative repayment arrangement. If you are happy with new repayment plan you will then need to sign it and return to Meath County Council who will then make all the necessary arrangements to put it in place.

Some of the new arrangements available are as follows:

• Interest only payments: You may pay the interest only for an agreed period on your loan until your circumstances improve and you can resume repaying the loan in full.
• Interest and part of the capital: You may be in a position to service a large portion of the installments, but not in full; you could pay the interest and part of the capital balance.
• Deferring (in exceptional circumstances) all or part of the  repayments for an agreed period.
• Extending the term of the loan: Instead of paying off your loan as originally agreed, you may extend to a maximum of 30 years and subject to a maximum age of 70 of the borrower.
• Capitalising the Arrears : Adding the arrears to the outstanding loan balance and spreading the cost over the remaining term ( this will increase your monthly installment)

Appeals

If you are not happy with the decision of the Mortgage Arrears Team, you can lodge an appeal against the decision or of any aspect of the way in which your application has been handled. Appeals have to be in writing within 20 days of receiving the Council’s decision. Appeals will be heard by individuals from a different area who have experience of housing loans and finance. A contact name will be given to you and they will keep you informed of the status of your appeal and the eventual decision made.

Repossessions

Repossessing a property is the least desirable outcome for you or for Meath County Council and this course of action will only be taken where a borrower fails to engage under MARP. In certain circumstances, where the loan is unsustainable, repossession on a voluntary or on an enforced basis may be the only option. Please note that all costs associated with this process and any shortfall, should the proceeds of any sale not cover the amount of the loan outstanding may also fall on you.