The settlement covers repossessions
that occurred between 2008 and 2010.
Some 21,000 repossessions
took place in 2014, a 26% fall on the previous year, as low interest rates and cheap mortgage deals helped to cushion households from getting into financial difficulty.
rates on buy-to-let mortgages tend to be higher than on owner-occupied loans because lenders make particularly strong efforts to help owner-occupiers keep a roof over their head.
UK trade association for the mortgage lending industry, the Council of Mortgage Lenders (CML), revealed on Thursday that mortgage arrears and repossessions
across all categories continue to decline in the UK, according to CML's latest figures for the third quarter of 2014.
Social Development Minister Nelson McCausland has set up a housing repossessions
taskforce to investigate the issue of negative equity and repossessions
in Northern Ireland.
It really is not too hard to predict whether repossessions
will increase," said Dave Langley, vice president of operations at AFG.
ticked up slightly in the first three months of the year to 8,000 from 7,700 in the previous quarter, it was the secondlowest quarterly figure since the winter of 2007.
Tensions frequently run high, and when an unsuspecting car owner learns that his vehicle is being repossessed, his reaction is unpredictable and can be violent, (1) Sensationalist portrayals of repossessions
in television shows such as Operation Repo can attract violent personalities to the repossession
industry, (2) further contributing to the likelihood of violence during repossessions
United Left Alliance TD Joan Collins criticised the move saying proposals to tackle mortgage arrears promised repossessions
would be a last resort.
A year ago, only 38 of the 175 homes that received some sort of foreclosure filing were bank repossessions
A total of 8,200 properties were repossessed in the third quarter of this year, down from 8,500 over the summer and marking the lowest number of repossessions
seen in a single quarter since 2007, the Council of Mortgage Lenders (CML) said.
There have been 26,300 repossessions
this year so far, an eight per cent drop on the same period a year ago.
THE number of home repossessions
has fallen to its lowest level in a year and-a-half despite the toughening economy, lenders said.
Analysis by the homelessness charity Shelter has revealed the region is a hotspot for repossessions
, or REOs, also declined by 24 percent in New York City and by 2 percent in the state over the same time period.