Outlining the situation that faced his clients, Mr Joyce said: "They could not keep up with the repayments. They then left the home and intended to post the keys back to the bank. However, they called into my office with a letter stating that if they handed the keys back to the bank, they could be pursued for the balance of the mortgage.
"I advised them not to sign the letter, to put their property on the market and we would liaise with the bank. The bank was close to issuing repossession proceedings but eventually we achieved a buyer."
A copy of the agreement letter from Stepstone to the couple, released by Mr Joyce to this newspaper with their consent, states: "We wish to confirm that we will accept the sum of €154,950 as full and final settlement of all amounts owed by Mr X and Ms Y, on condition that funds are received on or before February 16, 2011."