Rocca and wife risk losing €1m home amid row over €2m loan
Businessman Bernard Rocca and his wife Theresa face losing their €1m Dublin home, despite having the money in a legal account to clear off a mortgage debt of €131,000 and a second home loan of just 10 cent, a court heard yesterday.
Barrister Gary Hayes, counsel for Havbell Dac, which acquired loans from Permanent TSB, said the bank would not release the mortgage securities as commercial loans had been taken out to the extent of €2m on the security of the property.
Mr Hayes told Judge Jacqueline Linnane in the Circuit Civil Court that Havbell was seeking possession of 30 Woodberry, Castleknock, on foot of the two outstanding mortgages, despite one having been paid off bar 10 cent.
Mr Hayes, who appeared with Sherwin O'Riordan solicitors, said Mr Rocca had taken out a mortgage in his own name and there was more than €130,000 outstanding on it. A smaller loan for the purpose of home renovations had been taken out in the names of both Bernard and Theresa, but this had been paid off. Bernard Rocca is a brother of Michelle Rocca, Van Morrison's ex-wife.
Judge Linnane said possession of the couple's family home was being sought on the basis of the two mortgages. She said that only 10 cent was still owed on the smaller home improvement mortgage.
Tim Dixon, who appeared for the Roccas with PB Cunningham solicitors, said the outstanding debts had been paid by Mr Rocca to his solicitor and was currently in a client account waiting to be handed over to Havbell as soon as the fund provided an undertaking it would release the couple from the securities contained in the initial mortgages.
Judge Linnane said there were no documents relating to commercial loans of €2m in any of the papers she had read in relation to Havbell's application before the court for possession of the house.
Mr Hayes told the court that Havbell wished to proceed with its application for possession of the family home on the basis that, while funds may be held in a legal client account, nothing had been paid over to clear the debts.
Judge Linnane, who said the reason nothing had been paid over was due to the absence of an undertaking to release the mortgage securities, put the proceedings back so that Havbell could respond to correspondence from the Roccas' legal team, seeking confirmation that on payment of the €131,000, the mortgages would be released.