Four repossession orders on homes granted by court

FOUR repossession orders were granted in the High Court yesterday as the pace of home repossessions continued to slow.

In the case of a property near Ballybunion, Co Kerry, Start mortgages took possession after the owners failed to meet repayments on a €172,000 mortgage paid in five installments between July and October 2007.

The monies were used to build a house, but payments began being defaulted on from April 2008.

Judge Elizabeth Dunne heard monthly payments on the 40-year mortgage were to amount to €1,447. However, €23,000 in arrears had been accumulated.

A repossession order was granted with a stay to allow the young couple an opportunity to sell the house.

In a Drogheda case, a €202,000 mortgage over 15 years was granted by ACC bank to a bar owner in June 2006 for renovations. A site was used to secure the loan.

The loan began to be defaulted on after six months, and the sum owed now stood at €239,000.

On an initial court date, the defendant had stated he was unable to appear due to being in hospital. Proceeding had been served on his solicitor and father. The latter, the court was told, said he was no longer in contact with his son, who he believed was living in Latvia.

The plaintiff was ordered to place an advertisement in a national newspaper informing the owner they had been granted a possession order on the site.

In the case of a Springboard mortgages loan of €200,000 granted to a now unemployed man in March 2007, €25,000 was now outstanding in arrears.

Judge Dunne granted the possession order with a six-month stay, as she did in the case of another home loan for which arrears of €45,000 had been accumulated and owners had agreed to a repossession.

In total, 46 cases came before the court with the majority adjourned.


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