Brendan Burgess
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https://www.independent.ie/irish-ne...ents-lose-1-million-family-home-36688331.html
Home value: c. €800,000 conservatively
Mortgage outstanding: €400,000
Arrears: €391k
Mortgage taken out: May 2008
Lender: Shoreline Residential
Proceedings issued: early to mid 2016
Judge Linnane said Mr and Mrs Gilson were making sporadic payments in very small amounts, sometimes as little as €50, while attempting to come to an arrangement with the bank. Arrears had begun appearing in 2010 and the couple had been written to as early as 2014.
They had initially offered €150,000 to settle the debt which then stood at more than twice that figure and last month their counsel Aoife Beirne said they were prepared to make an increased offer of €275,000. This was declined as was Friday’s new offer of €303,000.
He and his wife, both of whom are now pensioners, had borrowed €300,000 in May 2008 to be paid back over a period of 10 years. The purpose of the 2008 loan, due for full repayment in May next, had been to refinance an existing mortgage and clear an outstanding €100,000 liability in respect of Mr Gilson’s business.
Judge Linnane said the outstanding liability against 16 College Gate, Castleknock, was just under €400,000 so there was still substantial equity left in the property. She said that if Mr and Mrs Gilson sold their home now they would still be left with enough to trade down to a mortgage-free smaller home and pay off their debt.
The judge granted the couple a six months stay on her order for possession to the bank to give them time to sell the property themselves “before the bank does in six months time.”
Some borrowers are gas. They owe €400k and they think that they can settle the debt for €150k? If the house were worth only €150k, that might well be possible but not a house with €400k equity.
I would like to know how this ended up on the Judge's List. Normally, the Registrar would have granted an order, but there must have been some legal issue raised by the borrowers.
Brendan
Home value: c. €800,000 conservatively
Mortgage outstanding: €400,000
Arrears: €391k
Mortgage taken out: May 2008
Lender: Shoreline Residential
Proceedings issued: early to mid 2016
Judge Linnane said Mr and Mrs Gilson were making sporadic payments in very small amounts, sometimes as little as €50, while attempting to come to an arrangement with the bank. Arrears had begun appearing in 2010 and the couple had been written to as early as 2014.
They had initially offered €150,000 to settle the debt which then stood at more than twice that figure and last month their counsel Aoife Beirne said they were prepared to make an increased offer of €275,000. This was declined as was Friday’s new offer of €303,000.
He and his wife, both of whom are now pensioners, had borrowed €300,000 in May 2008 to be paid back over a period of 10 years. The purpose of the 2008 loan, due for full repayment in May next, had been to refinance an existing mortgage and clear an outstanding €100,000 liability in respect of Mr Gilson’s business.
Judge Linnane said the outstanding liability against 16 College Gate, Castleknock, was just under €400,000 so there was still substantial equity left in the property. She said that if Mr and Mrs Gilson sold their home now they would still be left with enough to trade down to a mortgage-free smaller home and pay off their debt.
The judge granted the couple a six months stay on her order for possession to the bank to give them time to sell the property themselves “before the bank does in six months time.”
Some borrowers are gas. They owe €400k and they think that they can settle the debt for €150k? If the house were worth only €150k, that might well be possible but not a house with €400k equity.
I would like to know how this ended up on the Judge's List. Normally, the Registrar would have granted an order, but there must have been some legal issue raised by the borrowers.
Brendan