HOME REPOSSESSION continued at a record level with mortgage lenders granted possession of 10 properties at the High Court’s weekly chancery summonses hearing yesterday.
Possession orders were also granted against defendants in 10 cases at last week’s hearing.
Four of the possession orders,including one for a family home, were granted to subprime lender Start mortgages.
Counsel for the lender said a “last chance” letter had been sent to the defendant in each case, warning them if proposals on repayments were not made, an order would then be sought against them.
The lender was granted possession of a Co Cork property after the court heard no mortgage repayments had been made since April 2008.
As a result arrears of almost €23,000 had accrued.
In another case, Start Mortgages was granted possession of a family home, after mortgage arrears of €29,000 had accumulated.
Counsel for the lender said the defendants had previously made proposals to pay €1,400 per month, but that these were never followed through.
Granting a possession order, the Ms Justice Elizabeth Dunne said “it’s very difficult to know what the precise circumstances are because the defendants have not appeared in court”.
Possession of a Co Westmeath property was granted to GE Capital Woodchester after the court heard that only one mortgage repayment had ever been made.
Counsel for the mortgage lender told the court a loan of €395,000 was drawn down in March 2008, with the first default on repayments occurring one month later.
Since then, arrears of €35,353.50 had accumulated, with the current balance outstanding at €430,000, more than the original loan.
The court also heard that the defendants had vacated the property and were currently residing in Australia.
Springboard Mortgages were granted possession of a family home, after counsel for the lender told the court no mortgage repayments had been made for 15 months.
Counsel for the defendant said the defendant was not in a position to make repayments as his car dealership was struggling in the current economic climate.
Requesting time to sell the house, counsel said the property was on the market, and had been reduced in price from €700,000 to €525,000.
Possession of three properties, two of which are in Co Monaghan and Waterford city respectively, was granted to Stepstone mortgages at yesterday’s hearing.
An order was granted against the home in Waterford city after arrears of €13,429.60 had accrued.
The defendants had drawn down a mortgage of €117,000 in August 2007, to be repaid over 35 years.
Since then the amount owed had risen to €133,259 due to considerable default on repayments over a two-year period.
Ms Justice Elizabeth Dunne granted a stay of six months on the possession order “as the arrears are smaller than in other cases”.