Judge says cou­ple are bet­ter off hav­ing home re­pos­sessed

HIGH COURT PAIR OWE MORE THAN THEY BOR­ROWED IN FIRST PLACE

Bray People - - News -

A HIGH COURT Judge has warned home­own­ers in neg­a­tive eq­uity that they could find them­selves in an even worse off sit­u­a­tion un­less an or­der of pos­ses­sion is granted against them.

The com­ments from Ms Jus­tice El­iz­a­beth Dunne were made as she heard a home re­pos­ses­sion hear­ing in­volv- ing a County Wick­low prop­erty

Jus­tice Dunne spoke af­ter grant­ing a pos­ses­sion or­der for the prop­erty, adding that the sit­u­a­tion was ac­tu­ally get­ting worse for the de­fen­dants as they now owe Leeds Build­ing So­ci­ety more money than the orig­i­nal loan they took out.

‘The amount to be re­alised is over the amount ini­tially bor­rowed by a sig­nif­i­cant amount,’ stated Jus­tice Dunne.

In May of 2007 a mort­gage for €400,000 was with­drawn. How­ever, mort­gage ar­rears of €21,500 were now also owed. The court heard that five of the de­fen­dant’s cheques and 11 di­rect deb­its had bounced.

This in­cluded a cheque for €10,000 re­ceived in Novem­ber of last year. As a re­sult the de­fen­dant now has an out­stand­ing bal­ance of €419,387.59.

Jus­tice Dunne noted ‘it’s of par­tic­u­lar con­cern that the amounts now due are greater than the amounts orig­i­nally bor­rowed’ as she granted the or­der for pos­ses­sion.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.