AFTER A six-month lull in the level of property repossessions at the High Court, numbers have jumped significantly to 13 .
Since January this year, the numbers of repossessions had been in single figures, as low as three on some occasions. Yesterday though, Ms Justice Elizabeth Dunne granted 13 orders for possession to lenders.
One couple lost two investment properties and their family home. Four of the properties had been abandoned by their owners.
Subprime mortgage company Start Mortgages Ltd obtained six orders, two each were granted to KBC Mortgage Bank and Allied Irish Banks, and Irish Nationwide Building Society, Friends First Finance Ltd and Secured Property Loans Ltd received one each.
KBC applied to repossess two investment properties in Belturbet, Co Cavan, and a family home from the same couple.
Counsel for the lender told the court the couple had borrowed €267,000 to buy the two investment properties and more than €633,000 to buy their home. They had also applied for four top-ups on their home mortgage totalling almost €150,000.
They began falling into arrears in February 2008 and, although the lender had tried to make contact with them since then, there had been no response at all.
“They have refused to engage,” counsel said. Arrears on all three properties stood at more than €70,000, he said.
Ms Justice Dunne remarked that February 2008 appeared to have been the catalyst for the couple’s problems and it was clear they had significant difficulties. She granted the orders with a stay, or delay, of three months on possession of the family home.
A letter from a couple with a home in Co Meath was handed to the judge as part of an application for possession from Start Mortgages.
The court was told they had borrowed €153,000 for their home in December 2006 and now owed arrears of more than €15,000.
The letter stated the family would “love to provide a proposal” to address the arrears on their mortgage, but because of their circumstances, they could not. They left their home last June and had been rehoused by the council, they said.
Ms Justice Dunne said she had no option but to grant the order for possession.
Irish Nationwide Building Society obtained an order to repossess Cassidy’s Bar in Westmoreland Street, Dublin.
Counsel for the lender said the application was made with the consent of the owner who had borrowed €5.1 million in November 2006.
She was not in court, but she had agreed the order should not be delayed and the lender had agreed not to pursue costs.
