A couple, who owe €336,000 arrears on a double mortgage totalling €670,000, have been granted a stay of almost a year on the re-possession of a Dublin property, still the home of one of them.
University lecturer Dr Paul Stokes, of ‘Pinehaven’, Dalkey Avenue, Co Dublin, and his wife, Eilish Kendlin, 17 Kilcolman Court, Glenageary, Co Dublin, consented in the Circuit Civil Court Wednesday to EBS taking back their jointly mortgaged Glenagery property.
Ms Kendlin told Judge Jacqueline Linnane that she was undergoing a hospital treatment that was envisaged to last for a year and she had asked for a 12-months stay on the re-possession order.
Barrister David Colgan, counsel for EBS Dac, said he had been instructed to consent to a three months stay on the order and, while banks sometimes agreed to a six months delay on re-possession to allow people find another home, he was unable to agree to a year-long stay.
Judge Linnane heard that Stokes, a lecturer in UCD, and Kendlin were co signatories on two mortgage agreements with EBS, the first for €249,000 and the second for €239,000. Ms Kendlin said there had been no difficulties with the initial mortgage; it was the second that had created all the problems.
The second mortgage had been raised to purchase an apartment in Manchester, which was now in negative equity, and an investment of €46,000 had been paid out on an apartment in Spain, with no likelihood of it being built.
The judge was told in bank documents that the current monthly repayment was €1,818 on the initial mortgage and €1,577 monthly on the second mortgage. There had been no repayments made since October 2015.
Dr Stokes, currently renting ‘Pinehaven’ told Judge Linnane no-one had asked him to consent to the re-possession of the Kilcolman Court, Glenageary, property but he was consenting in court in order to help her. He said that although they were separated she was still his wife.
Judge Linnane granted EBS an order for re-possession of 17 Kilcolman Court but put a stay on execution of her order until September next year. She said that, while it was probably an academic exercise, the court would grant the bank its legal costs. She said the chances of the bank recovering its costs were probably nil.