https://www.independent.ie/irish-news/courts/out-before-the-end-of-the-spring-exmiss-ireland-and-restaurateur-husband-to-leave-home-as-fund-seeks-repossession-37815361.htmlThere's evidence of a significant increase in strategic default as it has become more clear that there is very little repercussions for falling behind on home loans. Go along to the repossession courts and see for yourself. There is not the same level of default for motor loans where repossession of the asset is easy and cheap. Even before I had my first job banks were trying to sell me loans and credit facilities, that was well before the tiger and credit was easy come by, so it's not like the banks just swung the doors open for a few years.
8.5 yrs rent free in one of Dublin's nicest areas....nice work if you can get it!Restaurateur Ronan Ryan and his wife, former Miss Ireland Pamela Flood, have vowed to leave their home after a 'vulture fund' moved to repossess it.
Mr Ryan told the Irish Independent that they would be "out before the end of the spring".
The Circuit Civil Court heard yesterday that Mr Ryan had not paid anything off his €1.1m mortgage for more than eight years...
...Mr Ryan said he had bought the house in 2005 for more than €900,000.
He said the mortgage was combined with other borrowings from Bank of Scotland, leaving a total of some €1.1m on which the house was secured.
The court heard yesterday that Bank of Scotland Ireland Ltd had granted Mr Ryan a 34-year mortgage of €1,105,000 to be paid back in monthly instalments of €4,434.
The loan had fallen into arrears now amounting to €281,111 and the total debt outstanding to Tanager was stated to be €1,207,904....
...Mr Ryan told the Irish Independent he was concerned that if Tanager did not get back all the money it was owed by selling the house, it could continue to pursue him for the remainder.
Mr Ryan used to own restaurants including Town Bar & Grill and South, but was hit financially by the 2008 recession. He currently runs a contract catering business.
Ms Flood, a former host of 'Off The Rails' television series and several RTÉ shows, was to have presented a TV3 documentary series about older mothers, but this was shelved after Virgin Media took over the station.