A LANDLORD turned up in court today with €10,000 in cash in a bid to stop an apartment being repossessed by his building society.
Judge Jacqueline Linnane told Brendan Scanlan it was extremely imprudent of him to be carrying around that sort of money in cash and advised him to lodge it immediately with the bank.
The Circuit Civil Court had heard that Scanlan and his wife, Pamela Gallagher, of Fortfield Park, Terenure, Dublin 6W had borrowed €300,000 from ICS Building Society in 2007 to buy an apartment in West Gate, St Augustine Street, Dublin 8.
He told Judge Linnane he and his wife were renting out the apartment for €750 a month and had reached an agreement with ICS to make repayments of €1,500 a month.
Barrister John Donnelly, counsel for the bank, said that in January last ICS had made a new re-payments arrangement with the defendants and had agreed to adjourn generally the possession proceedings with liberty to re-enter.
He said the agreement had broken down almost immediately and the building society had re-entered its application in April. Several attempts had since been made to contact the defendants but there had been no response.
Mr Donnelly said Mr Scanlan had called to the building society on Tuesday, the day before today’s court hearing, and had told executive staff he had €10,000 cash on him. The cash had not been produced and had not been lodged at the ICS office.
Scanlan, who represented himself and his wife in court, said ICS staff had told him yesterday the court application would go ahead today whether or not he lodged the cash. He had brought it to court.
Judge Linnane said that when the possession proceedings were initiated in 2009 arrears had stood at €22,000 but were now at €84,000. Prior to the January agreement having been reached the case had appeared in court on eleven occasions. Since April it had been listed several times.
“This is not a family home. It is an investment property and reality has to set in some time. Whatever you have been doing over the last four years the arrears have quadrupled. Clearly you cannot service the outstanding mortgage,” the judge said.
Judge Linnane said Mr Scanlan had paid €5,000 in January last and had also made a lump sum lodgement of €2,000 before that. Sporadic payments just before a court appearance would not impact arrears of €84,000.
She adjourned the bank’s application for two weeks and told Scanlan that if he had made no arrangements by then to sell the property she would have to make a possession order to allow the bank to sell it.