€144k arrears - repossession refused despite €140k in investment and a holiday home

Discussion in 'Housing and mortgage arrears - policy issues' started by Brendan Burgess, Oct 6, 2017.

  1. Brendan Burgess

    Brendan Burgess Founder

    Couple with US investment fund given second chance to save their €550,000 home

    This is an indication of how tough it is for the banks to get an order for possession

    House value: €550k
    Mortgage :€440k (of which €144k is in arrears.)

    Repayments €3,500 per month

    Other assets: Investment fund €144k
    Holiday home

    This sounds like at least three or 4 years worth of arrears.

    They have held onto their holiday home during this period, instead of selling it to pay off the arrears.

    The investment fund is a bit difficult as they would be hit with a big tax bill for cashing it early.

    I would guess that they have a cheap tracker and want to keep it as big as possible for as long as possible.

    I hope that the judge told them that in February she will grant an order for possession if they have not cleared the arrears in full.