| 13.3°C Dublin

Owners simply abandon homes as debts mount

HOMEOWNERS are resorting to abandoning their properties as they become unable to deal with the pressures of repaying mortgages.

Yesterday, repossession orders on six properties were granted by the High Court, mirroring a recent trend which has seen the numberof families losing their homes soar.

Marriage break-up has emerged as a feature in some cases where the banks have sought repossession as payments go unfulfilled.

In the last three years, repossession orders sought by banks and mortgage companies have more than doubled.

Yesterday Judge Elizabeth Dunne granted IIB Homeloans a repossession order against a home in Rathdrum, Co Wicklow which had been abandoned.

A payment had not been received on the mortgage since November 2004 with the couple €40,738 in arrears. The court heard three direct debit requests were returned subsequently unpaid by 2005.

The court also heard of a Dublin home which went into arrears a few months after it was remortgaged in July, 2006.

The registered owners of the house were involved in "matrimonial proceedings", the wife having not lived in the property since 1999.

Start Mortgages Ltd, a UK-based company which is responsible for a large amount of the repossession cases, was granted the order.

Payments

IIB Homeloans were granted an order for repossession of a family home in Waterford after the owner abandoned it, having become unable to deal with the payments.

The loan was now over €19,000 in arrears and the owners were living with parents, the balance now at €206,640.

Daily Digest Newsletter

Get ahead of the day with the morning headlines at 7.30am and Fionnán Sheahan's exclusive take on the day's news every afternoon, with our free daily newsletter.

This field is required

Judge Dunne said "the defendant appears to have gone missing" in the case of a county Wexford home which the owner left abandoned.

Start Mortgages were granted the order as the owner left the mortgages €18,938 in arrears and with an overall debt of in excess of €148,000.

The single man who took out the mortgage had left the property abandoned for some time.

Judge Dunne gave a repossession order against a bed and breakfast and an apartment.

The owner of the two commercial properties has been in China for some time, having left the Bank of Scotland (Ireland) loan go into arrears.

However, the judge put back a request for a repossession order against a Kildare family who had made 39 repayments in the past.


Most Watched





Privacy