Family to lose home over son’s debts
After living in their Louth home for 37 years, the parents now face having their property repossessed by lender Start Mortgages.
The High Court heard yesterday how the parents were in dispute over whether they had originally signed off on having no financial interest in the property.
The court heard how their Dundalk home was transferred into their son’s name at his request and remortgaged. There had been some agreement to eventually transfer the property back into their name but this never occurred, Judge Kevin Feeney was told.
The couple claim they have no recollection of signing a letter giving up their interest in the home, their lawyer said.
Judge Feeney was told there was “nothing left for them [the parents] to swear except for pure ignorance”.
Courts documents show the parents’ home was remortgaged for a loan of €408,000 in 2003.
However, €385,000 was still due by late last year, including arrears of more than €25,000 on the loan.
Judge Feeney said: “They [the parents] don’t seem to have directly benefited from the mortgaging of the property.”
He adjourned the case until January, asking all sides to resolve the dispute by then.
A total of 11 repossession cases were granted in court yesterday out of 83 listed.
A Kildare businessman and his family had two houses repossessed.
The court heard how over €1 million was owed to Bank of Scotland and the properties had secured a loan to pay off debts to other lenders.
The businessman had suffered from illness for a number of years.
Despite a cheque for over €12,000 being given to the bank last week and the potential of the homes being sold to help pay the debt, the judge allowed the repossession of the Naas homes.
Speaking afterwards, the father-of-two said he had suffered severe depression after debt began catching up on his family. Asking to remain anonymous, he added: “Everybody was [saying] soft landing, it was boom times. Now I have to carry the can and this is the reality of it. It was the recession.
“It’s a really, really tough experience. Value your family and those close to you because nobody else gives a shit.”
He said he would try and sell the properties before the lender got the keys but added: “We just have to try and cut our losses and swallow the pill.”
In another case, a mushroom farmer, 60, explained how his business had collapsed when suppliers in Poland took over his client base.
Despite taking out a loan to help the business and allow his son take over the farm, the Westmeath man now faces the repossession of his home over unpaid debts of €123,000 to AIB.
Judge Feeney adjourned his case until December to allow the farmer an opportunity to make a deal with the bank.
THE High Court yesterday granted the repossession of single woman’s house after she was only able to make recent repayments of €25 to pay off her mounting €104,000 mortgage.
Small amounts of money had been paid by the woman who was still residing in her Co Louth home, the court heard.
But the last payments on the mortgage had been three separate amounts of €25 in July, the court was told.
Lawyers for lender Start Mortgages said the female borrower, living in Dundalk, had failed to ever appear in court and had not engaged with the company over the mounting debt.
The lender’s barrister added: “Obviously, she is of limited means.”
A mortgage of €93,000 had originally been borrowed from Start Mortgages in February 2008 for her home. The 38-year mortgage had been given to the woman with an annual interest rate of 10.5%.
But the mortgage owner began defaulting on her €800 monthly repayments as early as three months after getting the loan.
The court heard yesterday how she was now facing a debt of over €104,000 including arrears of over €22,000.
Judge Feeney granted the repossession order but put a stay on the seizure of the woman’s home until July next year.
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