The Government has unveiled plans to come up with solutions for 95,000 homeowners who are unable to pay their mortgages.
Finance Minister Michael Noonan said the vast majority of families will be offered a solution by the six main banks.
These will range from split mortgages, to extending interest-only periods and in some cases repossessions.
Minister Noonan expects repossessions to rise significantly, especially among 'buy-to-let' property owners.
Banks will be set targets on how many cases to resolve each three months and those who fail to meet those will have to set aside some of their capital.
The Minister wants half of those who cannot pay the mortgage to be offered a solution by Christmas.
Mr Noonan said: "We are saying you do so many by June, you do so many by September, you take it up to 50% by Christmas and you complete the task by next year.
"That is the position we are putting forward, so it is a comprehensive programme of actions."