Judge urges mortgage holder to 'cut losses' and sell empty house
Published 07/12/2010 | 05:00
A judge yesterday advised a woman struggling to pay a mortgage on an uninhabitable house that she might be better off to "cut her losses" by selling it.
Ms Justice Elizabeth Dunne told finance company GE Capital Woodchester Home Loans that the woman, who was determined to keep the Co Kilkenny property, should be put in touch with the Money Advice and Budgeting Service (MABS). She did not attend the High Court case because she has moved to Britain after splitting from her husband, who is unemployed and unable to service the mounting debt.
The property is unoccupied and in poor condition after suffering storm damage last year.
The court heard there had been no payments on the mortgage for 18 months and the couple now owed €394,000 -- €34,000 more than they borrowed. The property is now valued at around €215,000.
The judge, who heard her cases despite breaking her arm after slipping in snow, allowed the woman more time to submit a proposal that would allow her to keep her home.
Meanwhile, an order for possession of a commercial licensed premises was granted to Bank of Ireland with a six-month stay.
The court heard that both the tenant of the Julianstown Inn, Julianstown, Co Meath, and the couple who had taken out the €1.1m loan in 2002 for the purchase of the thatched pub, had been informed proceedings were taking place but neither made an appearance.