A Co Clare couple living in a seven bedroomed home who haven’t made any repayment in four years on their mortgage have been told they will lose their home in four months time.
At the repossession court in Ennis, Clare County Registrar, Patrick Wallace said that he will grant Start Mortgages DAC their application for an order for re-possession at the adjourned court in four months time.
Counsel for Start Mortgages told the court that the outstanding amount on the mortgage is €795,506 and that includes arrears of €193,833.
He told the court that the monthly mortgage repayment amounts to €4,289.
He said that there are three people, including the couple, living in the seven bedroomed property.
He said: “In those circumstances, it is highly unlikely that they will be able to benefit from the mortgage to rent scheme.”
He said that engagement by the couple with Start Mortgages “has been poor”.
He said that the last repayment on the mortgage was €2,500 paid out in July 2015.
He said that the couple had availed of the protection of a protective certificate as a result of personal insolvency proceedings the last time the case was in court in January and that protection has now expired.
A representative for the Money Advice and Budgeting Service (MABS) told the court that a proposal by the couple’s Personal Insolvency Practitioner (PIP) had been rejected by the Revenue Commissioners.
She said that the PIP intends to lodge a second proposal on the basis that Revenue towards end of process agreed to come on board but time ran out.
She said that she has “explained to the couple the importance of monthly repayments and they will undertake to pay monthly repayments from now on”.
Mr Wallace said that there was no need to advise them of that as he would be making the order for re-possession in four months time. Mr Wallace’s practice is to place a stay on the re-possession order to allow the occupants get their affairs in order.
In another case, Mr Wallace granted a re-possession order against another Co Clare couple.
Mr Wallace said that he was granting the order to Promontoria (Finn) Ltd after commenting that the sole occupant of the house “is not taking the process seriously at all”.
Mr Wallace said that proceedings were issued against the couple three years ago and it is now only that they have appointed a PIP.
Mr Wallace said: “This man had three years to get his act together and he didn’t.”
He said: “He has money but he won’t pay it over.”
Mr Wallace said that when proceedings were issued, the balance on the mortgage was €325,000 and it is now €349,000 while the arrears three years ago were €110,000 and they are now €160,000.
In total of the 43 cases before the court, Mr Wallace granted repossession orders in respect of three re-possession applications.
