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.
Brendan