AN unnamed Monaghan couple have been given nine months to leave their home after a court granted their mortgage company an order of posession on their home.
The couple, with five children, had been offered just €225,000 from a potential buyer, despite the fact that property had been valued at just under €700,000 in 2007.
Judge Elizabeth Dunne heard how the family had remortgaged their home for €675,000 with Stepstone Mortgage Funding Ltd in 2007 to pay off debts they owed through their business. The remortgaging cleared their debts and they were able to met their repayments up until 2008, when the business ran into trouble.
The combined income of the family was approximately €3,127 per month, while the monthly mortgage repayment was €3,882. Much of the income was through unemployment benefit and disability allowance. The court also heard that due to arrears of almost €165,000, their mortgage and the debt now owed was €840,000.
“We have very little disposable income to live on,” the couple said.
The couple attempted to sell the property due to the drop in property prices but they were offered just €225,000. They had also offered to make payments of €400 a month to the lender, but this was rejected. The judge noted that the slump in the property market was responsible for the large property being valued at so little. The court also heard that the husband was intent on going to America to find work. The judge said that putting the case back further would only make matters worse and granted a possession order to Stepstone Mortgages Ltd and with a stay of execution of nine months. Despite the pleas of the family who said they were in a “dire” financial state, the judge also said she was obliged to award costs, though she was aware that it was futile gesture in this case.