POSSESSION OF properties in Cork and Kerry was yesterday handed over to a mortgage lender after the lands involved fell into negative equity.
A loan of €492,000 was advanced by Carlisle Mortgages in June 2006 for the purchase of the lands, but default on repayments began in April 2007.
The High Court was told that €714,000 was now outstanding on the balance, €222,000 more than the original loan drawn down, due to the accumulation of arrears from continuous default.
A possession order was also granted for a Co Kilkenny property after arrears of €15,094.14 had accrued, causing the outstanding balance to exceed the original loan.
The defendants were advanced a loan of €140,000 at a 9.8 per cent interest rate in November 2007, to be repaid over 30 years. The defendants began defaulting on repayments two months later, in January 2008, and now owe €158,239 due to the accumulation of arrears.
Granting an order for possession with stay of four months, the Judge reiterated her plea for defendants facing repossession to explain their position in court: “I don’t know anything about the circumstances of the defendants as they haven’t sought to come to court and explain the situation”.
In a case involving Start Mortgages, Ms Justice Dunne granted a possession order for a Co Waterford home on consent of the defendants. The court was told that the second named defendant had given money for the repayments to her husband to pay the mortgage, but that he had not done so.
No stay was granted on the possession order for fear it would “hinder the defendant getting on the housing list in Waterford”.
The judge awarded costs at Circuit Court level, saying “the proceedings had been brought in the Circuit Court”. She also put a stay of 12 months on the order for costs.Start were also granted possession of a home on consent of the defendants who had given the keys of the house to the lender.
A total of 43 applications for possession orders were listed before the High Court weekly chancery summonses hearing, with all new cases adjourned for a “last chance letter” to be sent to the defendants.
