TEN ORDERS for possession were granted at the High Court yesterday, including one with outstanding arrears of €9,800.
In a case taken by Start Mortgages, Ms Justice Elizabeth Dunne was told a Dublin man had borrowed just over €200,000 to buy his home in 2006. He fell behind with his payments shortly after taking out the loan.
Following negotiation with the lender and having paid his mortgage on an interest-only basis for six months, €18,000 in arrears owed on the property was recapitalised, adding it to the total of the mortgage.
A new repayment arrangement was adhered to until last November when the borrower lost his job and the mortgage went into arrears again. He attempted to get mortgage interest supplement from the Department of Social Protection, but was not successful.
He was not present in court and there had been no contact between him and the lender since last February.
Counsel for the lender acknowledged that the outstanding arrears, of €9,800, were comparatively low, but given the history, it was felt there was no choice but to pursue an order for possession.
In a second case taken by Start Mortgages, the court heard that a home in Leitrim originally valued at about €250,000 was now estimated to be worth €100,000.
The borrowers, a married couple now separated, had taken out a loan of €238,500 in 2006. They got into difficulties in 2008 and now owed arrears of almost €58,000. The husband expected to lose his business shortly.
Ms Justice Dunne, granting the order for possession, said there seemed to be little prospect of any further payments.
A third order, of seven granted to Start Mortgages, involved a divorced woman with a cottage outside Courtown, Co Wexford. She borrowed €120,700 in October 2007, with a €10,000 top-up in June 2008. She now owed arrears of almost €40,000.
Contesting legal costs, her counsel said there had been reckless lending and the woman (57) was on disability benefit when she was given the loan. The top-up had been offered to her in a letter that congratulated her for being a good borrower.
