The High Court has rejected a banks proposal to warehouse almost half of an insolvent couples mortgage for repayment at a later date because a formal deal to resolve all their debts was a once in a lifetime solution.
In a judgment that has major implications for how banks deal with insolvent debtors, Ms Justice Marie Baker ruled against KBC Bank Irelands proposal to freeze 135,000 of a couples 285,000 mortgage to be repaid at some future date, even though the lender was permitting them to stay in the home for the remainder of their lives.
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Read the full article at: http://www.irishtimes.com/news/ireland/irish-news/court-rejects-bank-s-plan-to-defer-part-of-couple-s-mortgage-1.3092528
