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NOEL AND AILEEN Gilson, parents of TV presenter Glenda Gilson, lost their €1 million Dublin home to Shoreline Residential DAC today.
The investment fund refused a final offer of €303,000 to settle their outstanding debts against their mortgage.
Judge Jacqueline Linnane said in the Circuit Civil Court that she considered the €800,000 valuation the Gilsons had put on their Castleknock home as “conservative” and advised them to sell it before the bank did.
Judge Linnane said the outstanding liability against 16 College Gate, Castleknock was just under €400,000 so there was still substantial equity left in the property. She said that if Mr and Mrs Gilson sold their home now they would still be left with enough to trade down to a mortgage-free smaller home and pay off their debt.
The judge granted the couple a six-month stay on her order for possession to the bank to give them time to sell the property themselves “before the bank does in six months time”.
Barrister Rudi Neuman, counsel for Shoreline Residential, told the court that the Gilsons had offered to pay €303,000 against the outstanding debt consisting mainly of repayment arrears on their loan but this had been refused by the bank.
The Gilson’s four-bedroom three-bath house is currently listed for sale on Daft.ie for an asking price of €830,000.
They had initially offered €150,000 to settle the debt which then stood at more than twice that figure. Last moth their counsel Aoife Beirne said they were prepared to make an increased offer of €275,000. This was declined as was Friday’s new offer of €303,000.
Neuman, who appeared with Beauchamps Solicitors, said he had been instructed to proceed with the bank’s application for possession of the property and told the judge Shoreline Residential was prepared to agree to the court granting a six-month stay to the Gilsons.
2008 loan
The court heard that Mr Gilson, now a retired painting and decorating contractor, had bought 16 College Gate in 1992 and built the house on the site himself.
He and his wife, both of whom are now pensioners, had borrowed €300,000 in May 2008 to be paid back over a period of 10 years. The purpose of the 2008 loan, due for full repayment in May, had been to refinance an existing mortgage and clear an outstanding €100,000 liability in respect of Mr Gilson’s business.
Judge Linnane said Mr and Mrs Gilson were making sporadic payments in very small amounts, sometimes as little as €50, while attempting to come to an arrangement with the bank. Arrears had begun appearing in 2010 and the couple had been written to as early as 2014.
“While I appreciate the defendants have health difficulties the 2014 warning notified them things had to be addressed. It was quite clear that this mortgage was unsustainable and, by not addressing the problem, arrears mounted. I am now told that arrears alone amount to €391,000,” Judge Linnane said.
The judge said that had the Gilsons taken steps much earlier they would have ended up with even more equity than now remained in the property. That had now been greatly eroded.
Judge Linnane, granting the bank possession, said she would grant a six-month stay which would give the defendants ample time to sell the property. The longer things went on, the more arrears would increase and equity fall. Trading down would relieve some of the stress Mr and Mrs Gilson complained of, she said.
Shoreline Residential was granted its legal costs for court applications going back for years, which is certain to amount to a significant figure on top of the existing debt.
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And this is news because…..???
@⚡ Seánie ⚡: home repossession is very topical at the minute.
@⚡ Seánie ⚡:
Because Glenda Gibson is a beautiful Irish woman and yesterday was International women’s day.
@David Sinclair: only one of those statements is a fact…..
@Christian Taylor: this is not a typical home repossessions case, quite the opposite. this case has dragged on and on and relates to company borrowings, secured in the back of their home. Very, very little sympathy and I suspect legal fees (as a result of their own stubbornness) will wipe out any equity.
@Joseph Dempsey: at last a “cant pay, we’ll take it away” case. should be the same for all mortgage holders who fall into arrears.
@Joseph Dempsey: so this is nothing to do with kid’s company becoming bankrupt? Is it newsworthy because these people run up massive debts with others, and still stay rich with other homes while those owed money aren’t protected.
@⚡ Seánie ⚡: because it also shows how people who cannot afford their homes are trying to hold onto them to avoid losing face.
@ Mark Johnson yeah and the banks are such champions of fairness !
@Alan Madden: the one about international women’s day most definitely
@Christian Taylor: Maybe if they had set their sights a little lower at first they might not be in depth as they are now.
@David Quigley: No. They’re trying to hold on to their home to keep a Roof over their head.
@Deirdre D’Arcy Murphy: Meeeeoww
@TellingItAsItIs: ah stop , a million pound roof they cant afford.
@Lou: You’re totally missing the point.
@TellingItAsItIs: woof woof
@Deirdre D’Arcy Murphy: Ah bless!
@Christian Taylor:
So is homelessness of almost 10,000.
they have 6 months to sell up and keep the balance, 300k – 400k. not the end of the world
@Datuk Don: They’re hardly being turfed out on the street alright.. Headline should read… Elderly couple trades down…
@Datuk Don: That’s not how it works.
@Datuk Don: they will have significant legal fees to pay off with that amount too.
@Vigo the Carpathian: they are a very young elderly couple to me !!
@Datuk Don: yea Yad get a nice little spot in Neilstown for that. And be thankful for it too.
@Datuk Don: ahem ahem…….. legal costs granted in favour of Shoreline
@Datuk Don: PLUS THE 303,000 THAT THEY HAD STASHED AWAY INSTEAD OF PAYING THE MORTGAGE AND WERE WILLING TO PAY TODAY
Do we really need to know this? Cmon lads, you’re better than this.
@TellingItAsItIs: Lol. Since when.
@TellingItAsItIs: Journalism is to inform the public of news that’s “in the public interest” this is neither in the public interest nor journalism. I’ll tell you what this is, it’s a story to try and shame Glenda Gilsen. What a rag the Journal has become.
@TellingItAsItIs: it’s important to distinguish between the have nots, those who will be left homeless and caught in a poverty trap as a result of an unserviceable debt, and the haves, those who think that they are above loan repayments and can offer a lending institution a fraction of the money that they owe even though they sit on assets valued at twice the amount that they owe. It’s difficult to have sympathy for the haves here. Sell your house, downgrade and pay off your debts so the rest of us don’t have to do this for you via increased bank charges or however lending institutions pretend to fill these revenue gaps.
@Sean @114: What’s more important to understand is that everyone and anyone would do everything they can to hold on to their home. It’s got nothing to do with haves or have nots.
This story is clickbait. Unfortunately, those with chips on their shoulders, the begrudgers and nasty lap up this kind of nasty journalism.
@TellingItAsItIs: look I borrow €1m for a house and to pay off some company debt. My house is now worth €2m but I owe €900K so I offer the bank €300K to settle. I’d like to keep the €2m house but I bought it with other bank customers’ money so I should really repay or those customers will have to pay this debt for me. I’m not desperate as I can sell my house worth €2m pay off my debt and downsize to another large house in my estate. The outcome for the have nots is a cardboard box on O’Connell St, for the haves it’s another house in Castleknock without the wine cooler in the en-suite.
@Sean @114: The have nots in cardboard boxes have far more serious reasons for being on the streets. It has zero to do with this issue.
Your comparison is ridiculous.
@TellingItAsItIs: exaggerated maybe, ridiculous no. These are haves sitting on almost €1m worth of assets who would rather that other bank customers pay their debt for them. It’s important to highlight the distinction between this type of over-borrower who can more than afford to pay their debts and those who will be made homeless, in negative equity and unable to pay. They should not have named Gilson as it’s irrelevant but it’s important that the public is aware of the different circumstances.
@TellingItAsItIs: Voyeuristic s#1£€!. This is gutter journalism, pure and simple. As others have enquired: Is there some (any) ‘public right to know’ served by this sort of “Exposé”. As Callinan put it : “It’s Disgusting”
Seems a bit petty to be broadcasting news like this.
Hopefully this will help the hard of understanding to realise that not paying your mortgage means you are effectively stealing the banks asset. It might take time but you will pay the consequences of that.
@Fred Joyson: It would be a crying shame if you yourself fell on hard times and couldn’t afford to even pay for your WiFi, what would the Journal readers do????
@Frank Cauldhame: Hard times ? The house is worth 800k to a million and they would have 400k min left to buy another house, they are not exactly going to be homeless begging on the street. If they cannot afford the mortgage then sell it and downsize. I have absolutely zero time for the banks considering how they destroyed the Irish economy with the collapse but in this case its pretty obvious what is right.
@ Fred “stealing from a bank” !!??
Surely you know how modern banking works?
They lend money they don’t have, you can be sure they’ve already called in the insurance on this property and when they issued the loan they no doubt Sold it on/ securitized it … triple bubble on the deal… Oh and wait now they get to sell on the property again so quadruple profits on cash they never had in the first place… come on Fred? disappointed in you.
@Frank Cauldhame:
He took out a 300k mortgage just before retirement !!!!
What the hell was he thinking !!!
@Ibhar Mac Suibhne: the level of financial ignorance in your post is so bad I actually signed up to twitter to respond.
If the bank sell on the mortgage, they can no longer claim any insurance on it since they no longer have an insurance interest. In such a case they can only profit from the initial sale.
If the property is repossessed and sold by the party who purchased it, it’s no longer the issuing banks debt so they don’t get a cent, they got their money when they sold the mortgage.
So this talk of 4 times the profit is nonsense.
@Frank Cauldhame: I’ll pay for his WiFi and phone if it ever came to that!
Cut your cloth to the measure needed.
Sounds to me like strategic defaulting gone wrong, then sandbagging on the offers to settle. I think there are thousands of homeowners in arrears that would give the right arm to be able to sell up and still have 400k in the pocket to buy again. So they won’t be able to buy in Castleknock, that’s the price they pay for gambling with their home.
@Emachine: It’s not at all clear from the article, but if they were offering €303K to clear the debt, then maybe they have access to €303K. Otherwise you’d have to assume that they were planning to pay it out of the proceeds of the sale of the house, which is just dumb from the bank’s perspective. Why would you take that deal? (They didn’t.)
@Ben McArthur:
And if they had 300k – why were they making small payments as small as 50 euros !!
A 300k mortgage on a house just before retirement – what bank gave that to them – insanity from them and the bank – never going to end well
Dreams – but reality is don’t pay – lose the house – same rules for all
@Ben McArthur: making tiny payments while having access to significant funding smacks of strategic default. They were trying to pull a fast one and its gotten out of control. I wouldn’t be at all surprised if they end up stumping up the full amount now that the game is up. They clearly have significant means and probably have enough to clear the debt, the fools have a big interest bill to clear now too. I don’t believe anyone should get write downs, the moral hazard argument is just too strong and leads to cases like this.
@Emachine: They probably calculated that the value of the property would increase anyway and all they needed to do was prolong the enevitable for as long as possible. It would seem strange that they are still paying off a mortgage into retirement years, not many banks would allow that to continue given that they have only limited means of joint income.
Still they could buy a nice house down Cavan direction.
@Chris Kirk: Potential buyers of this house will know that they are forced to sell and will drag the sale out in the hope of making them drop the price.
Wasn’t her brother also declared bankrupt?
@EK: __ Are you the village curtain twitcher?
@EK: And she was named as a tax defaulter in 2012.
Those struggling in cramped hotel accommodation may be perceived as having lost their home, not somebody downsizing from a swanky suburb.
I’ll put my violin away so.
@Liz O’Neill: they have to pay costs going back years. It’s unlikely there’ll be much left to purchase a profit.
So did loads of folks not related to professional d4 Gilson. Newsworthy why ??
@Osean Drive: parents from dolphins barn
@Yer Man: ah but let’s be fair now.
Glenda, if you’re stuck for a place to stay you can stay at my place.
They are not so badly off if they sell their house and downsize…..
To be able to sell it and still have €400k is great,
We were in a similar situation….we sold..paid off the morgatge and obscene arrears…we only had enough to buy 100 miles away.
I am not complaning!
But it was difficult for our 2 teenagers…moving schools…friends…grandparents etc.
Turns out our new life has worked out.
And that financial pressure from the bank..the letters…the phone calls..the threats.. for five years….mental health was paramount.
My heart breaks for the people you were/are not as lucky as my family.
So you nasty people out there with your vile comments….just remember the phrase!
“There Go I”.
@Martina Flynn Fitzgerald:
Fair play to you – took responsibility – sorted out your problem.
And not seeking to blame everyone but yourself or get something for free.
Well done – can’t have been easy – however the right thing to do.
How is this anyone’s business?
How gutter and tabloid the journal has become.
No idea who that is, or why it’s any of our business, but my sympathies to all involved, especially for the needless press attention on top of everything else.
@Neal Ireland Hello.: dead right Neil
I feel terrified worrying that my loans and weekend/ holiday work won’t be enough for me to finish paying for my nursing studies. When I see that someone can’t afford 1M house only 400k house that really isn’t something I’d consider a problem.
@Rosemarie F Martin: thank you! You’re so kind:)))
Could Johnny Ronan not sort them out with a gaff?
@John Dman: Isn’t her mother related to the late liam lawlor TD?
You think Glenda would give them a few bob. She could buy the house for her Ma for Mothers Day
Miserable reporting by the journal. Why is it any of our business or why does Glenda have to be the face of the article. More like the enquirer everyday
The only reason this got published was because of the couples daughter. Pretty lousy low for the Journal. Whether they deserve it or not is incidental to why it’s deemed newsworthy. I get it if it was about her but surely her parents business is their business.
We didn’t really need to be told about this.
The journal post another non news article, Who gives a toss about some Z list under achieving “celebrity’s” parents.
What a pointless article
Well I wouldn’t wish for anyone’s home to be taken from them , but wasn’t the disgraced TD Liam Lawlor who died in a car crash in Russia her uncle, could his underhand dealing back in the 70/80s not have contributed to them.?
This seems more like a total invasion of a families privacy than news
@Aural Abuse:
Public court for reason – look to your civics class
Pure greed from these people, trying to cut a deal with the bank and the house in significant positive equity. Who do they think they are? Not a hope of them ever getting a deal, I don’t know who they were taking advice from because their plan was doomed from the start.
And?? Umm..
Oh for gods sake glenda her mother, father and brother lived across the road from my family in cappaghmore in clondalkin in 1991. Her father was a painter so it’s only logical they decided they could afford to move to castleknock. Having said that I’m at a loss to read this fact anywhere about glenda. Put a begger on horseback.
journal is getting worse by the day..
This will knock Trump/ Kim off the front page
Well done Ray Managh on collecting all six tokens from the Rice Krispie box to “write” for the journal.
Hope you had help from an adult cutting them out!!
Ye’d swear they were going to be destitute……c’mon, they’ll be grand ffs!
Glenda and her family lived scross the road from me in cappaghmore clondalkin in 1991. Her father was a painter so who would have considered he could not afford an expensive house in castleknock. 2008 the crash seems like a bit of a coincidence but maybe im being unfair
Could they not of got the usual ole Glenda look circa 2001-07 you know the one I’m talking about, the I’m so startled mouth open in a bikini down by the liffey I didn’t know you had a cameraman from the star who just snapped me outside a new spar opening…
It will be interesting to see how the usual FG fanboys on this site and those that say that all that have issues with mortgages etc are wasters who wont pay anything spin this story !!
Surely they will have at least 200,000 left after selling and paying off everything. There are lovely houses for under 200k to be had here in Ennis
Fecks sake. The Journal would want to pay someone to write serious content ….call me
A large Photo and references to Glenda ,daughter of the home owners who would be well known due to her work in the media , was totally uncalled for .It is sad enough for a pensionable couple to loose their home ,but also for them and daughter to be humilitated in the press only because one of the kids done well and is in the public eye..
I never comment on Journal but had to this time. Unfortunately some people in Ireland will enjoy reading this article and the misfortune that has fallen on the family of someone in the public eye. A mean spirited trait which this article seems to be encouraging. We all have parents and would never wish this situation on our own no matter what value, equity or post code.
Maybe our leader Varadkar will buy it for an inflated price, he’s familiar with the area. Will be a good photo opportunity, will generate plenty of blue thumbs on social media. Most importantly, it will help to further inflate prices, which is fg ideology …
The standing in the community will be decimated! The shame… no more looking down the nose at people so…….
Best news I heard all day. Clondalkin to castleknock conman
No privacy for normal people? Glenda’s parents don’t live in the public eye…. even IF they did… TheJournal you’ve let yourself down by publishing this story. If I wanted to read gossip I’d read The Sun.
Surely they will have at least 200,000 left after selling and paying off everything. There are lovely houses for under 200k to be had here in Ennis
Really disagree with posting such personal ‘news’. You should respect their privacy. This platform is a rag
Glenda would get it
That face says “High maintenance, only sports professionals need apply.” I remember seeing an amazing pic of her rear on the cover of The Sunday Times colour supplement about 20 years ago. I was going to frame it but, tragically, the entire magazine ended up on the floor when the dog got taken short…
That’s terrible, you’d nearly feel sorry for them…..
Nasty voyeuristic journalism. Not in the public interest.
That’s private family stuff. How is this news?????????
Best news I heard all day. Only a clondalkin conman
And vin stop writing and reading the journal if its a rag. Start writing to the sun, mirror snd star
Delighted, best news I heard all day. Only a clondalkin conman
Where is my comment i posted???.
BREAKING NEWS!! man that once saw Glenda Gilson cross the street farts….
Hope they move in beside me
Tits or it didn’t happen.
I wonder what pepper bought their loan for initially. I’ll bet the interest rate is horrific. There must be so many other people in the same situation in the country, it’s good that there are some public figures bringing these vulture fund stories to the media as off late. The way things were, there wasn’t much media out there to relate to, Anglo Irish bank is the never ending story!
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