Couple let bank take second home back
A couplE who bought a house in Dublin as an investment yesterday decided to give it back to the building society.
Judge Jacqueline Linnane heard that Michael and Sally Gannon, of Rusheen East, Clonbur, Co Galway, had agreed that Irish Nationwide Building Society be allowed to repossess the property.
The Circuit Civil Court was told that the Gannons had bought 192 Collinswood, Collins Avenue, Dublin, as an investment and that their Galway home had been used as collateral to obtain the 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 out property had become vacant this week and the Gannons had accepted the inevitability of re-possession. 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 that one party had expressed "considerable interest" in it.
At an earlier hearing, on May 5, the court heart that if the legal obligations had been explained to the Gannons they would not have entered into a contract which could threaten their family home.
Judge Linnane was told the couple were not disputing the amount of arrears or challenging the validity of the mortgage, but would not have agreed to security of purchase of the Dublin house extending to their home.
The May hearing had been adjourned to allow the Gannons' legal team to consider whether they had fully realised the extent to which they had been burdening their family home and if they were fully aware of what they were doing.
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 might well be the case there might be no defence against possession of the Dublin house.