A Dublin couple, who reneged on their mortgage repayments just under four years ago, lost their Castleknock home to Bank of Ireland on Wednesday.
Judge Jacqueline Linnane in the Circuit Civil Court said in a reserved judgment that Patrick and Angela McMahon had borrowed €960,000 to purchase their family home at Park Lodge, Laurel Lodge, Castleknock.
She told barrister Nevin Powell, counsel for the bank, that there was no dispute between the bank and the McMahons that the last instalment made by them was a €200 payment on July 1st, 2013.
Mr Powell, who appeared with McDowell Purcell Solicitors, had told the court that arrears had risen to €288,577 and the overall debt to the bank was now over €1,380,000.
Judge Linnane said Mr and Mrs McMahon had raised a number of issues in their defence against the bank’s possession application, all of which the court rejected.
She said the McMahon’s had claimed the bank’s bid to repossess their home had fallen short because it had failed to note in its evidence what time of day its affidavits had been made and sworn.
The defendants had also accused the bank of reckless lending which, the judge said did not exist in law, and alleged that the terms of their mortgage contract had been unfair. She said there was an onus on anyone signing a document to read it before doing so. Judge Linnane said numerous adjournments had been granted to both sides to facilitate progressing their case.
The judge said that in her view the bank’s proofs were in order and the defendants had failed to establish any defence to its application for possession of the property. Granting the bank an order for possession the judge said she would give the McMahons a stay of four months on the execution of her order.
Costs of the overall proceedings were awarded against the McMahons who said they intended to appeal against the judgment to the High Court.