A couple “unsustainably indebted to their bank” have been given seven weeks to see if they can save their home through the mortgage-to-rent scheme.
Judge Jacqueline Linnane said in the Circuit Civil Court that what was in Sean and Bernadette Fox’s favour was that they had engaged with the bank and were facing up to their problems.
Mr Fox, of Glenlyon Grove, Ballycullen Rd, Knocklyon, Dublin, told the court his difficulties started when he had been made redundant and had since suffered with health problems.
Niall Mooney, for Permanent TSB, formerly Irish Life and Permanent, said Mr and Mrs Fox had continued to pay €500 a month off their mortgage but the proper monthly repayments were just under €1,500.
“The situation is becoming worse and worse and is unsustainable,” said Mr Mooney. “My client believes the best way to deal with the matter is to seek an order for possession.”
Mr Fox said he was paying as much off his mortgage as he possibly could from the family income and had also been restructuring what he described as “secondary debts”.
Mr Mooney, who appeared with Belgard Solicitors on behalf of the bank, said the building society had made six forbearance agreements with Mr and Mrs Fox between 2011 and 2013.
Mr and Mrs Fox borrowed €270,000 from the bank in September 2006. Arrears had built up in recent years. Mr Fox said he had been to Mabs and was hoping to benefit from the mortgage-to-rent scheme, the qualifying threshold for which, he believed, had been or would soon be increased to include houses up to a value of €350,000. This would allow him and his wife to qualify for the scheme.
Judge Linnane adjourned the proceedings to March 3.
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