The Government must come up with arrangements to ensure recession-hit householders do not lose their homes, it was claimed today.
Labour leader Eamon Gilmore told the Dáil there were 37 cases of repossessions in the High Court on Monday of this week.
He said there were likely scores more that had not come before the courts and warned the problem would soar next year unless the State steps in.
Taoiseach Brian Cowen said he was concerned by the extent of house repossessions taken through the courts by some small, non-mainstream mortgage lenders.
He added the Government was trying to help householders facing money problems because of the downturn.
Mr Gilmore said: "This is probably the biggest social ticking time bomb in this country.
"If 2008 was the year that saw huge numbers of people losing their jobs... 2009 is shaping up to be the year when people's homes are going to be reposed.
"It doesn't have to be like that.
"There are ways that for the period of the recession people can at least stay in their own home."
The Labour leader said the Government should come up with arrangements with banks to help cash-strapped householders, such as suspending mortgages.
Mr Cowen said the bulk of the hike in repossessions this year were from sub-prime mortgage lenders, some of which are not covered by the Irish Banking Federation's Code of Practice on mortgage arrears.
It states financial institutions must exhaust all possibilities, including payment schemes, before a court repossession.
The Taoiseach said there was a need to ensure those small number of lenders are covered by the practice.
"The Government is proactive in seeking to safeguard the interests of households experiencing difficulties in meeting their mortgage payments owing to circumstances beyond their control," Mr Cowen said.
PA