Home repossesion case adjourned because of borrower’s Christmas concerns

A Donegal father of five has had the adjournment of a home repossession case at the High Court extended from December to the New Year, after telling the judge he was worried about Christmas.

The case, involving the Educational Building Society, concerned two loans taken out in June 2006 by the borrower, from Letterkenny.

He claimed the EBS had given him incorrect advice, and told the court he would not have taken out the commercial loans if he had not been given the advice.

He also suggested the building society should be treated as a failed investor and should carry its own losses, and questioned whether EBS still owns the loan.

The man told Ms Justice Elizabeth Dunne he had sought documents from the EBS related to his loans, and  they had not been provided.

He said believed his loan had been traded and “securitised” by the building society and it might no longer own it. He added he wanted a full hearing to carry out a “securitisation audit” on the loan.

Counsel for the EBS refuted the suggestion the bank might not be the holder of the loan and said the case had gone on for two years already and should be completed.

Ms Justice Dunne noted the borrower had not questioned the building society’s ownership of the loan on affidavit. She said she had already given time to the borrower to file other affidavits, but agreed to give him one more opportunity.

She adjourned the case to December 19th, but when the borrower asked if she would hold off until the New Year, she agreed to do so.