Court approves mortgage write-off of 53%

A Limerick couple who received letters from their lender on three successive Christmas Eves telling them they had to leave their property are to hold on to their home after securing a mortgage writedown of 53%.

At the personal insolvency court in Ennis, Judge Michael Meaghan approved a €98,250 writedown for the couple on their €186,000 mortgage with Shoreline Residential Ltd.

Judge Meaghan said the factors involved in the case were “a perfect storm” for the couple concerned.