Repossession proceedings brought by subprime lender struck out

The High Court has struck out repossession proceedings brought by Home Funding Corporation Ltd against a couple from Ballinagare, County Roscommon. Ms Justice Isobel Kennedy ruled on Thursday that the company's application should be dismissed for want of prosecution, citing an inordinate and inexcusable delay spanning from 2004 to 2014. The lender had sought possession of the defendants' home following an alleged cessation of mortgage repayments in 2000 on an original loan of IR£40,000 advanced in 1997. The company claimed €1.4 million remained outstanding. The defendants argued the protracted delay had prejudiced their position. The judge found the delay unjustifiable and concluded the balance of justice favoured striking out the proceedings. Costs were awarded to the defendants, with a stay granted pending any appeal.