Couple with US investment fund given second chance to save their €550,000 home
A couple with an investment pot in the US worth more than €144,000, and a rental holiday home in Wexford, have been given another chance of saving their €550,000 Dublin residence from being repossessed by a bank.
Judge Jacqueline Linnane heard in the Circuit Civil Court that John and Bernadette Lyons had also been forced to rent out a room in their home in Clonard Lawn, Sandyford, Dublin 18, to help meet their €3,500-a-month mortgage repayments.
Joynt and Crawford, solicitors for the AIB Mortgage Bank, told the court the couple were not keeping up the repayments and currently owed more than €144,000 in arrears alone on their mortgage. Their overall debt to the bank stood at more than €440,000.
The bank's solicitor said the couple had been saving money from the €1,500-a-month rental of a room in their home and it was because of this that they were in a position to tell the court they would pay off a lump sum of €10,000 to the bank within the next fortnight. The couple, who represented themselves in court, said that in January next they would be in a position to pay off all of the arrears from the US fund.
Mr Lyons said he was working in London and by January 2018 would fulfil a three-year residential requirement there that would allow him to draw down his US fund without having to pay a 50pc tax burden to Irish Revenue. He said he was prepared to pay off all of the arrears in January and in the meantime make a €10,000 payment to the bank, from money they had saved, as a gesture of good faith.
Judge Linnane adjourned the bank's application to re-possess the Sandyford property until mid-February which would give the couple time to pay off the arrears.