Cork Property Investor Facing House Repossessions
The High Court has allowed Bank of Ireland repossess seven properties belonging to a Cork property investor to help pay back a EUR 2.2m loan. The properties were all security for the loan taken out with the bank in January, 2007. Bank of Ireland told the court yesterday that no repayments were made on the mortgages in more than 21 months, since March 2008. The lender was now owed close to EUR 2.3m.
The Cork property investor had originally agreed to pay back the EUR 2.22m loan in 240 installments. He had agreed to pay EUR 8,325 in monthly, interest-only payments, followed by further monthly payments of EUR 18,804.
After hearing one of the seven mortgage cases, Judge Brian McGovern granted the house repossessions in the six other cases.
The Cork properties were listed as one with an address in Monkstown, two in Douglas, another in Crosshaven, one in the South Channel Court in the city and a further two on Father Matthew Quay in the city.
If you are having trouble dealing with the threat of house repossessions the wisest course is to engage with the bank as much as possible in the first place.