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Sell House fast, 60 days notice, financial recovery

If you see the financial recovery approaching like a massive gray cloud on a sunny summer’s day, don’t ignore the rain that’s coming. Read the warning letters sent by your lender (i.e. your bank) so you know where you stand. Find your mortgage documents and read them carefully. This will help you know what will happen if you miss one or more payments. If, up to now, your bank has only sent you notices about missed payments, rest assured: there’s no question of a financial recovery just yet. However, don’t ignore the letters you receive from your lender: these actions have real legal value, and claiming you haven’t read them won’t do you any good in court. Act quickly. You still have time to take control of the situation and avoid the devastating effects of a financial recovery on your life and your credit file.

Contact your government

Contact your provincial government for more details about the steps and deadlines involved in a financial recovery. Once you understand how the finance recovery process works and how much time must pass between each stage, you can compare this legal information with the more specific information you’ll find in the letters sent by your lender. Once you’ve done all this, you’ll finally be able to determine how quickly you need to act and what strategy you’ll adopt to escape the financial upturn.

Spend wisely

Sell house fast, 60 days notice, estate, divorce, financial recovery

An effective way to cope with an impending financial recovery is to draw up a detailed budget and follow it to the letter. Establish a weekly and/or monthly budget that will allow you to meet your basic needs, such as food, gas and mortgage payments. Stop making optional payments and payments for things you could do without, like credit cards and expensive TV packages. You could change your cell phone plan for one that costs less and cut back on eating out. Also, you could try earning a little extra money by taking on a second job or accepting small gigs found on the Internet. To make a little extra money, you could also sell some furniture and other quality items. This method can be a lifesaver if you’re facing money problems that are temporary and you think it will be easier to meet your mortgage payments in the coming months.  


A slightly more creative way of avoiding a financial repossession is to rent your home to someone else. The rent he pays will enable you to pay your loan and insurance. Of course, you’ll have to find another, less expensive place to live. You could also reorganize your home to accommodate a roommate. If the cost of your mortgage isn’t excessive, your roommate may be able to help you by making the bulk of your payments. On the other hand, renting out your property could bring its own set of problems, and even damage your property.

Sell House fast, 60 days notice, financial recoverySell

The easiest way to avoid a financial recovery is to nip it in the bud by short selling. This method is very effective, as there are many investors looking for short sales to buy quickly. Selling short is quite simple: your bank will negotiate the selling price with your buyer, then sell even if the selling price is less than what you owe. Why would your bank agree to sell at a loss? It’s quite simple: she has no desire to have to look after your property. Usually, the bank will agree to sell a property for close to the amount owed by its current owner, even if the house is worth much more on the market. For an investor with a fair amount of cash on hand, this is an opportunity that can’t be turned down!

Contact the Vendre Maison Vite team at 514-320-1000 or use this link to send us a message to learn more about short sales and other ways to avoid financial recovery in Montreal.