With life uncertainties, you never know what could happen and disturb your more or less fragile financial balance, such as a job loss, an accident or a serious illness. If one of these events happens and you suddenly find yourself unable to honour your debts, mainly your mortgage loan, it could be possible that you end up with a 60-day notice very soon. If it is the case, don’t panic! Everything is not lost and many solutions are available, so you can restore the previous situation.
If you receive a prior notice of exercise of hypothecary right, that is to say a 60-day notice, from a bailiff, it means you are in default of payment regarding one of your financial commitments. Most of the time, a prior notice like this is issued when you have a significant delay in the payment of your mortgage, municipal taxes, or insurances. That being said, the prior notice is not always linked to a financial reason, for example if you have used a house for commercial purposes while it was not intended for that.
By issuing such a notice, which is registered to the Land Titles Office, your creditor indicates they wish to enforce their right of warranty, as well as the way they intend to do it, by taking in payment or by judicial sale, for example. The notice explains what is the alleged failure, and the means to restore the situation before the court’s judgment.
Once you have received the notice, you have 60 days to find a solution. There are many of them, and should consider each one carefully. You can dispute the nature of the alleged default, if you think it is unjustified, or you can even negotiate with your creditor. It could be possible that you easily find an agreement to refund the payable sums.
You can also consult an assignee in bankruptcy in order to find if some protections of the law on bankruptcy apply to your financial situation. A debt consolidation or a consumer proposal might allow you to reorganize your finances and to settle your dispute.
To avoid losing your house, it is crucial that you manage to bring back up to date your file with your creditor, by paying what you owe to them. If you don’t have enough cash available, you could mortgage your house by contracting a short-term loan, up to 75% of your property’s value, with a private mortgage lender, such as Clic Hypothèque.
Specialized in alternative financing, we can offer you solutions to allow you to keep a good credit score and to bring back up to date your financial obligations. We offer short-term loans with competitive interest rates to our customers. Above all, we always have a financial option adapted to your needs, and your request will be considered quickly.