Wednesday 21 February 2018

Unemployed consultant unable to pay mortgage can't bring himself to sell €500k home

The Four Courts, Dublin
The Four Courts, Dublin

Ray Managh

An unemployed hedge fund consultant and financial programmer told a judge today he could not in his heart bring himself to sell his €500,000 Malahide home despite being unable to make any repayments on his mortgage.

Judge Jacqueline Linnane directed that Justin Daly’s home at The Warren, Malahide, Co Dublin, be returned to the Bank of Ireland on foot of a debt totalling €315,000 which includes almost €62,000 arrears.

Barrister John Donnelly, counsel for the bank, told the Circuit Civil Court that no money had been paid off the overall debt for the past five years.

Mr Donnelly, who appeared with Hugh J. Ward Solicitors, said Mr Daly, a lone resident in the property, was now out of work and the bank considered any future payments against the mortgage to be unsustainable. He said there had been no contact with Mr Daly in recent times.

Granting the bank possession of the property, Judge Linnane said she would allow a stay of three months to allow Mr Daly to engage with the bank with regard to the possibility of his selling the house.

He told the court he believed the house to be worth €500,000 in the current market and added:  “I could not in my heart bring myself to sell it.”

Judge Linnane said that on his valuation alone there was up to €200,000 equity still remaining in the property and she could not understand why he would not sell it.  The bank had considered Mr Daly’s financial position and in the circumstances was unable to offer him an alternative repayment scheme.

Mr Daly, who represented himself in court, said he had been attempting to set up his own business but had run into a difficulty with another bank.  He was finding both banks “intractable.”

Judge Linnane told Mr Daly that whatever equity he had left in the property was being reduced by the day.

“If you take the option of selling the house yourself you will get something out of it after clearing the mortgage. I will allow you a stay of three months to allow you to engage with the bank,” she said.

Legal costs were awarded against Mr Daly.

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