Brendan Burgess
Founder
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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
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