# 17,500 court proceedings have started, 608 homes have been repossessed



## Brendan Burgess (4 Jun 2015)

I have extracted these stats from the Central Bank Quarterly reports 

All figures relate to family homes. 



Q3 2013 was the quarter in which there was a dramatic increase in legal proceedings being issued.

Of the 4,000 concluded, 40% ( 1,600)  ended in an order for repossession.

I am not sure what has happened to the ones which have not yet been concluded. Some have been adjourned generally, which means that the lender can reinstate them at any time, if the borrower doesn't keep their agreement.

Around 600 have actually been repossessed which is presumably most cases where the order was granted and the stay has passed.


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## Brendan Burgess (4 Jun 2015)

It's very hard to forecast how many repossessions there will be from these data. 

If we assume that the 40% figure continues, it would mean that of the 17,533 court proceedings issued to date, there will be around 4,000 orders granted. While some of these will not end in a repossession, most will.


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## Sarenco (4 Jun 2015)

Thanks for that Brendan - that's a very useful piece of work.  

608 repossessions in the the most recently reported 7 quarters really is an extraordinarily low figure given the sheer scale of our mortgage arrears crisis.


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## rob oyle (4 Jun 2015)

Here's one such repossession... living rent free for 2 years now and underpaying for some considerable time before that. Nice if you can get it!
http://www.independent.ie/irish-new...elves-lose-upmarket-family-home-31277916.html


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## Brendan Burgess (4 Jun 2015)

Wow, that is some story. 

They had loans of €900k and remortgaged for €1.4m and spent the €500k on a spending spree.



Brendan


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## demoivre (4 Jun 2015)

How many of these cases relate to family homes ?  The headline only indicates the legal process takes time as *so far *608 repossessions have taken place ! Of the 4000 legal cases concluded, 40% end in repossession - big difference ! Do borrowers still have nothing to fear from the repossession courts ?


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## demoivre (4 Jun 2015)

Brendan Burgess said:


> Wow, that is some story.
> 
> They had loans of €900k and remortgaged for €1.4m and spent the €500k on a spending spree.
> 
> ...



Beyond belief...............................that some bank gave these people more money !! And the Regulator and the Central bank were happy about it?


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## so-crates (4 Jun 2015)

Anthony and Miriam "Freeman"... hmm - amazing they haven't been taken up as a cause by those Freemen on the land organisations 

There are more pitiable stories out there though. http://www.irishtimes.com/news/social-affairs/mortgage-arrears-case-study-i-felt-powerless-1.2236344


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## moneybox (4 Jun 2015)

so-crates said:


> There are more pitiable stories out there though. http://www.irishtimes.com/news/social-affairs/mortgage-arrears-case-study-i-felt-powerless-1.2236344



Very sad, pity he left his four bedroom house for a bigger gaff when his first born came along, madness really, but there you go.


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## Brendan Burgess (4 Jun 2015)

demoivre said:


> Do borrowers still have nothing to fear from the repossession courts ?



Hi demoivre

40% of concluded cases were repossessed. So the general point is still valid. Anyone who makes a reasonable attempt to pay their mortgage, and who shows up in court will not lose their home. 

Those who think that they can get away without paying anything, will find out after a few years, that they will then have an order made against them.


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## Delboy (4 Jun 2015)

so-crates said:


> Anthony and Miriam "Freeman"... hmm - amazing they haven't been taken up as a cause by those Freemen on the land organisations


Oh, but of course they did get involved and claimed victory as usual at 1 stage
https://www.facebook.com/permalink.php?id=211736418893790&story_fbid=547025578698204


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## so-crates (5 Jun 2015)

Delboy said:


> Oh, but of course they did get involved and claimed victory as usual at 1 stage
> https://www.facebook.com/permalink.php?id=211736418893790&story_fbid=547025578698204



Ahh good  I'd be sorry to see them pass up on the chance!

2013 - "victory"
2015 - reality


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## so-crates (5 Jun 2015)

moneybox said:


> Very sad, pity he left his four bedroom house for a bigger gaff when his first born came along, madness really, but there you go.



In fairness, the article didn't state that his house in Coolock was a 4-bedroom house. They moved to the 4-bed in Rush in 2008. The mortgage they took out does not sound particularly excessive or extravagant (240k). Though the property price was clearly still inflated. Hindsight is wonderful and they would have been secure if they had not sold up but I would hardly class them as foolish or foolhardy. The loss of employment is the crux of the matter here.


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## Sarenco (5 Jun 2015)

What strikes me is that if they had sold the property in Rush in 2010 when they started to run into difficulties they would presumably have still walked away with a reasonable chunk of change.  Instead the family's entire remaining net worth appears to have been consumed by interest payments and receivership costs.  Very sad.


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