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Ireland Couple who owe over €1m in mortgage arrears lose appeal against repossession of €2m Dublin home

07:20  25 january  2020
07:20  25 january  2020 Source:   independent.ie

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A businessman and his wife, who owe more than € 1 m in mortgage arrears , have lost their High Court appeal against a possession order for Bank of Ireland obtained the possession order in April 2019 from the Circuit Court for the home at Brighton Avenue, Foxrock, of Adrian Blanc and his wife, Lucille.

A businessman and his wife, who owe more than € 1 m in mortgage arrears , have lost their High Court appeal against a possession order for their € Bank of Ireland (BOI) obtained the possession order in April 2019 from the Circuit Court for the home at Brighton Avenue, Foxrock, of Adrian Blanc

a man wearing a suit and tie: Adrian Blanc pictured leaving the Four Courts  Pic: Collins Courts © www.collinsphotos.com Adrian Blanc pictured leaving the Four Courts Pic: Collins Courts

A businessman and his wife, who owe more than €1m in mortgage arrears, have lost their High Court appeal against a possession order for their €2m south Dublin family home.

Bank of Ireland obtained the possession order in April 2019 from the Circuit Court for the home at Brighton Avenue, Foxrock, of Adrian Blanc and his wife, Lucille.

The Circuit Court was told they owed €1,128,000 in arrears on a 2008 mortgage taken out with ICS building society.

They had borrowed €1.7m from the society when their home was valued at €2.5m and used it to pay off an existing loan.

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ICS loans were transferred to BOI in 2014 under the Central Bank Act.

The Circuit Court was told arrears were mounting at the rate of €11,560 a month, there was an outstanding total debt of €1,764,000 and the couple had refused to sell or allow their home to be sold to pay off all or part of that.

Separate appeals were brought by the Blancs over the possession order.

In a judgment published on Friday, Ms Justice Miriam O'Regan dismissed both appeals.

She noted the ICS loan was to be repaid over a 15 year term. Interest only was repayable in the first three years after which interest and principal was to be paid.

The arrangement involved the loan and a mortgage under which the defendants offered the Foxrock home as security to ICS, she noted.

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What hasn’t helped matters was a document compiled and circulated by the Dublin referees (Coiste na Réiteoirí Áth Cliath ) which erroneously claimed a defender could not claim an advanced mark. Couple who owed over € 1 m in arrears lose appeal over repossession order on € 2 m home .

The defendants paid the interest and sums due and owing until July 2010 when the first set of arrears accumulated, she said. From March 2011, substantial arrears accumulated and this coincided with the date when the principal was due.

BOI wrote to the defendants in 2016 about the arrears and indicated, because of default, it wanted payment of the total monies due under the 2008 arrangement.

The judge noted, among various claims,the defendants alleged the contract imposed terms on them which were unfair and were not individually negotiated.

They complained the bank had knowledge of the "disastrous" economy in 2008 and there was a conspiracy against them to violate their rights. They also raised issues concerning the ongoing investigation under the tracker mortgage scheme, interest rates and the applicable code of conduct.

The judge said it was "noteworthy" the defendants had not contradicted an affidavit of the bank to the effect, before the mortgage was executed, all documents were made available to them and they had independent legal advice.

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A separated couple , who own a € 1 .5m Spanish holiday home , have had the second of two Dublin houses they own repossessed within a fortnight The Mays had not made mortgage repayments on either of their two Dublin properties since July 2016 apart from a payment of € 1 ,400 in January last

Mortgage arrears and house repossession advice. If you’ve fallen into mortgage arrears , then Although the mortgage lender will say you have to repay over 6 months or a year – if that isn’t Appearing in court to defend a Repossession Order is a difficult experience. If you have to make a

She said the issue before her concerned possession only and she was not asked to make a judgment of any kind concerning the sums of money due and owing by the defendants currently to the bank.

She had to decide, when the bank initiated the process leading to the legal proceedings in January 2016, whether there was sufficient default in the loan repayments sufficient for it to commence those proceedings.

It was "unassailable" there was default by the date of demand and therefore the bank was entitled to call in the entire indebtedness and to look for possession if the entire debt was not paid, she held.

The Circuit Court was correct in awarding the possession order, she ruled.

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