Indebted couple hand back keys to property
A COUPLE who were unable to keep up with repayments on a second property have agreed to hand the keys back to a building society.
Judge Jacqueline Linnane yesterday heard how Michael and Sally Gannon, of Rusheen East, Clonbur, Co Galway, had consented to Irish Nationwide Building Society's repossession of the property.
The Circuit Civil Court was told the Gannons had bought the second property at 192 Collinswood, Collins Avenue, north Dublin (pictured) , as an investment and their Galway-based family home had been used as collateral to obtain the second mortgage.
Judge Linnane granted the building society an order for possession by consent, with a stay of three months, and awarded legal costs against the Gannons.
The court heard the rented property had become vacant this week and the Gannons had accepted the "inevitability of repossession".
The bank had agreed to allow the couple three months to help get their affairs in order.
A solicitor for the Gannons said the house was currently on the market and one party had expressed "considerable interest" in it.
At an earlier hearing on May 5, the court heard if the legal obligations of the Gannons had been explained to them they would not have entered into a contract which could threaten their family home.
The May hearing had been adjourned to allow the Gannons' legal team time to consider whether the couple had fully realised the extent to which they had been burdening their family home.
The court had heard the defence might rely on whether or not the bank was entitled to enforce its security on the family home, although it may well be the case there was no defence against possession of the Dublin house.
Yesterday's court order applied only to the Collinswood property and no direction was made as to the Galway home.