60-Day Foreclosure Notice

The 60-day notice is a notice that is issued by the bank to notify you that it has started to take steps to foreclose on your home. Most often, this is due to late mortgage payments mortgage delays, but there are other reasons as well.

A 60-day notice can also be issued for not having insured the building, or with having a misuse of the nature of the property, for example, if you use a residential house for business purposes without notifying the bank.

The process begins with you receiving an official visit from a bailiff to ensure that you received the 60-day notice, because they must prove to a judge that you have been notified by your lender prior to obtaining a judgment in forced abandonment against you. In other words, you run the risk of being evicted from your home if you do not react and fix the situation quickly.

What is the difference between 60-days notice and a prior notice of the exercise of a hypothecary right? It is the same thing, but it is commonly known as a 60-day notice because the notice gives you 60 days to resolve the defaults on your mortgage. The deadline begins when it is published in the Quebec land register and not when you are notified by a bailiff. You must be notified within 30 days of registration in the Quebec land register.

What happens next?

A lot of times, from what I have heard from other clients and from personal experience, you will begin receiving a lot of letters in the mail. These will usually be real estate investors who would like to buy your home quickly and cheaply. Other times, real estate brokers who would like to put your home for sale. It could also be mortgage brokers, representatives of private lenders or private lenders themselves who will send letters or come knocking on your door offering their money & services. If the 60 days notice expires and you have not reimbursed the loans, the lenders lawyers will open a claim in court to have the property taken in payment and evict you. Delays can vary but you might have 1 or 2 months left before the judgement is giving. After that you might have 1 to 3 weeks before you are forced out of your home by court bailiff.

Let us explore the options!

A realtor, even if he or she is well intentioned, is not a mortgage broker and may not know that there are other options available to you other than selling. Also, keep in mind that a private lender's job is to make loans and make money, not fix your credit. They do not specialise in credit rebuilding and are not trained to help you requalify with banks at the end of your term! Also, there is a common practise with private lenders called “loan to own”, where private lenders will make you an offer that looks good on the outside but put clauses in their contracts that are so restrictive that you can easily default and then have them try to seize your home! The devil is in the details.

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What you really want to do is work with a mortgage broker who specialises in alternative and private lending solutions. A mortgage broker is the only professional that has a license from the Autorité des Marchés Financiers issued specifically for mortgages. He or she represents your interest first, and helps you navigate the ins and outs of the private mortgage world. A mortgage broker will help you find the best solution adapted to your situation.

Not all mortgage brokers are the same, of course. You want to deal with one who is knowledgeable and that focuses primarily on private lending solutions and strategies. It is also important to remember that its one thing to get into a private loan and a whole other story to get out of the private loan and back to traditional lenders! You need to have a strategy that will work on your mortgage payments and your credit simultaneously so that you can exit at the end of your term and not get stuck paying high interest any longer than necessary.

Although there are associated fees with a mortgage broker when it comes to private lending, they are usually financed right into your mortgage and not paid upfront. And you only pay for results. If we are unable to get you the right mortgage, there is no fee. When it comes to keeping your home, it is better to pay a little more and have peace of mind, than to do business with the private lender directly, even if it is a little cheaper, and put your home at risk with restrictive terms or abusive clauses. Quality comes with a price, and their no price that is too high when we are talking about saving your home!

To see how we can help you with your 60-days’ notice, complete our online application and one of our specialists will be happy to contact you to schedule a call that meets your availability. Looking forward to helping you! For emergencies with your 60-day notice that cannot wait 24-48 hours call our hotline at 1-888-708-5576

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