Father faces €50,000 arrears on mortgage
The unemployed glazier is facing arrears of €50,000 on his four-bed Meath home and revealed how the financial burden had caused arguments between him and his wife.
Judge Elizabeth Dunne advised the man to appeal his mortgage relief payments as he was only receiving €204 a week from the state for the couple and their two children.
The court heard the man hoped part-time work over December and January would help meet payments for the lenders Start Mortgages Ltd.
In another case a farmer lost his fight to keep properties in Galway and lands he had worked on since a child.
The court heard how the order for possession of the farming lands was going to cripple the man’s ability to return to financial health.
But despite plans to sell off three properties in Poland to help repayments to Irish Nationwide, Judge Dunne said the man had failed to keep up his payments of €4,700 per month and had been making sporadic repayments.
The man now owed €711,000 on an original loan of €695,000 and was over €200,000 in arrears. In addition, he had failed to sell cattle as previously promised to help pay meet payments.
The judge granted the man a six-month stay on the repossession.
A total of five repossession orders were granted yesterday, including one where a 37-year mortgage had been taken out on a €120,000 loan.
The borrower had fallen into arrears just three months after taking out the loan in mid-2006. Judge Dunne granted a stay on the Start Mortgages Ltd order.
The packed court heard yesterday how in a separate case an unmarried couple were trying to save their home and were facing €750,00 in debt.
The female partner told the court: “It’s a family home and a business has been built up for the last 26 years.”
The court heard how the couple’s business in Galway, was possibly the biggest of its kind in Europe.
Business was picking up, the couple’s lawyer told the court, but a loan to help finance their repayments through development of other land was rejected.
Judge Dunne said she had to facilitate the couple’s efforts to repay the debt on the west of Ireland property and put back the hearing until the new year.
