Two orders for possession of houses were granted to Start Mortgages by Ms Justice Elizabeth Dunne in the High Court yesterday. One was granted with a stay of three months, and the other until May 31st next year.
In the first case, where the original loan was for €370,000, but €400,000 was now outstanding, counsel for Start Mortgages told the court that it had given the title deeds to the owner to allow him to sell the house, but nothing had happened. "I'll give you an order with a stay for three months to allow them to do something in the intervening period," Ms Justice Dunne said.
In the second case, where arrears of €33,000 had built up, the borrower was offering to pay €1,300 a month.
However, counsel for Start Mortgages said that it would be necessary to pay €2,000 a month to prevent the further build-up of arrears.
He said that promises had been made in the past, including that the house would be sold, that had not been kept.
Counsel for the homeowner said that a buyer had been found for the house following previous proceedings, and the sale was agreed.
But when details of the proceedings appeared in the press the purchaser sought a substantial reduction in the price and reneged on the deal. "All he wants to do is live in the house until next May so that the children can stay going to the same school, and he will pay €1,300 a month until then," he said.
Counsel for Start Mortgages said he was happy to accept a stay if he got the order. Counsel for the homeowner sought a brief adjournment to take instructions, and the order was then made on consent, with a stay until May 31st.
The barrister then asked that the family not be identified in order not to prejudice the sale of the property. Ms Justice Dunne said she had no power in the matter, but added: "I'm sure any journalist in court will not want to prejudice the situation of a person already in difficulties."
Twenty-seven possession cases were listed before the Chancery Division of the High Court, of which 15 were brought by Start Mortgages.
All but two were adjourned. Three were brought by IIB Homeloans, one each by eight other financial institutions and one was a judgment mortgage for the repayment of €70,000 brought by one individual against another.
In this case the person had raised an equity release loan of €210,000 on his property, worth €1.2 million.