60-day notice,
What’s the solution?

60-day Notice: What can you do?

What if I receive a 60-day notice?

With the ups and downs of life, you never know what could happen and come to disturb your more or less precarious financial balance, such as the loss of a job, an accident or a serious illness. If any of these things happen and you suddenly have trouble paying off your debts, mainly your mortgage, you may soon find yourself with a 60-day notice. If so, don't panic! All is not lost and several solutions are available to you to restore the situation.

The process

If you receive a notice of exercise of a mortgage right, that is to say a notice of 60 days, from the hands of a bailiff, it is that you are in default with respect to one of your financial commitments. Most often, such notice is issued when you have a significant delay in paying your mortgage, your municipal taxes or your insurance. That said, advance notice is not always linked to a default, for example if you used a residence for commercial purposes, when it is not its destination.

By issuing a notice, which is registered with the land rights office, your creditor indicates to you that he wishes to assert his guarantee and the way in which he intends to do so, by payment or by sale under judicial control by example. The notice also explains the failure which gave rise to its issue as well as the means of remedying the situation before the court judgment.

Remedy the situation

Once you receive the notice, you have 60 days to find a solution. There are several, and you should carefully consider each option. You can challenge the nature of the default charged against you, if you believe it is unjustified, or even negotiate with your creditor. You may find it easy to find common ground to reimburse the amounts owed.

You can also consult a trustee in bankruptcy to find out if certain bankruptcy protections apply to your financial situation. A debt consolidation or a consumer proposal might allow you to reorganize your finances and settle your dispute.

Consider a private loan

To avoid losing your home, it is crucial that you manage to update your file with your creditor by paying what you owe them. If you do not have the necessary liquidity, you could mortgage your home by taking out a temporary loan equivalent to up to 75% of the value of your home with a private mortgage lender like Clic Hypothèque.

Specialized in alternative financing, we can present solutions that will allow you to keep a good credit file and update your debts. We offer our clients short-term loans with competitive interest rates. Above all, we always have a financial option suited to your needs and your request will be processed quickly.

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