Widow with €6m home loan faces losing house
Published 23/02/2010 | 05:00
A WIDOW with a €6m mortgage told yesterday how she faced losing her business and her luxury home in one of the capital's residential areas.
"At the moment my house is being repossessed, my business is virtually gone and I don't have the money to pay legal advisers to support me," Ann Cassidy revealed.
Ms Cassidy said that her home "Setauket" at The Birches, Foxrock, Dublin, was worth a lot of money about two years ago but a bank was now seeking to repossess the property.
She spoke of her plight as she stood alone in court where she sought to resist an application by Spencer Dock Development Company for an order directing her to complete the purchase of an apartment.
"I have tried everywhere but I cannot raise a mortgage on the apartment," she told Judge Jacqueline Linnane at the Circuit Civil Court.
"I already have a €6m mortgage and I do have a house that was worth a lot of money two years ago. At the moment I'm trying to get rid of the house," she said.
Ms Cassidy said her husband had died since the "whole Spencer Dock thing" started five years ago. The company still had €100,000 of her money, she claimed, but she was unable to raise a mortgage anywhere.
The court had been told that when the property market was at its peak she paid a deposit of €100,000 and signed a contract for €320,000 to buy the apartment in Kirkpatrick House, Spencer Dock, North Wall Quay, Dublin.
Dozens of investors paid deposits for the Spencer Dock properties before banks reneged on promises to provide mortgages to complete the deals.
Counsel for Spencer Dock Development Company said Ms Cassidy had been served with legal proceedings in July last year seeking specific performance to complete the sale. She had not responded and the company was seeking judgment in default of appearance.
The judge told Ms Cassidy the company had to seek an order because it thought she was evading service of the proceedings. The court could not continuously adjourn the matter. When Mrs Cassidy said the company still had €100,000 of her money and that she was unable to raise a mortgage, the judge adjourned the application for three weeks to allow Ms Cassidy to clearly set out all her details on affidavit.