Coping with a financial upturn is one of the biggest challenges a family can face. You own a home and you love it. However, unfortunate circumstances make its seizure imminent.
For a family living in Quebec, the stress of an impending return to finance can be almost unbearable. Worse still, the process of restoring finance can take months or even years… And the pain is multiplying by the day.
Fortunately, you can do something about it; you may have more power over the situation than you think. There are many strategies you can employ during the financial recovery process in Montreal. We’re talking about legal avoidance strategies that you can use to solve the problem and move on.
In this article, you’ll find 3 ways to avoid financial recovery. (Note that there are other ways, too.) The goal is to help you avoid financial recovery and reduce your feelings of frustration and pain in a legal and ethical way, while minimizing the long-term financial impact. These strategies won’t work in every situation, but we hope that at least one of them will help you.
Strategy #1: Make an agreement with your creditor
In order to reach an agreement with your creditor, you sit down with him or her and explain that you are unable to meet your mortgage payments. 
but would like to find a solution that would allow you to stay in your home and continue paying your mortgage.
Contrary to popular belief, creditors are not interested in taking over finance! Instead, they want satisfied customers who pay their mortgages. As a result, creditors often have an interest in teaming up with owners and coming to an agreement. This means that your creditor may be inclined to grant you a temporary reprieve, work out a new repayment strategy with you, or reassess the amount of money you owe.
Strategy #2. Declare bankruptcy
The idea of declaring bankruptcy may seem extreme. It is, however, one of the tools you can use to avoid 
the resumption of finance. If you declare bankruptcy, you’ll also be telling all your creditors that you’re unable to meet your payments. Declaring bankruptcy will put an end to the financial recovery process, since all your creditors will have to stop collecting from you.
However, declaring bankruptcy is indeed a bit extreme: it could force you to sell some of your assets in order to pay your creditors. What’s more, bankruptcy will affect your credit rating for several years, which could prevent you from taking out a car loan or even getting a job. This strategy should therefore only be used as a last resort!
Strategy #3. Get a leg up with short selling in Montreal
Short selling is the third strategy. You sell your home and use the money to pay off your mortgage. Short selling is a popular strategy for those facing a possible financial recovery, as it is dynamic, fast and highly effective.
- It’s dynamic. You take charge, and that
eliminates a good deal of stress, because the stress of taking over finance comes from the fact that everything is out of control. - It’s fast. In some cases, it’s possible to sell your home in as little as 3 days! It’s especially fast, because it’s all done locally; you can get help ending the financial repossession process in Montreal from companies like Vendre Maison Vite that can initiate a short sale in no time.
- It’s very effective. A short sale can wipe out your mortgage debt completely (or almost). If there is an amount of money that is not covered by the sale of your property, you will be responsible for repaying it out of your own pocket (although you may be able to make other arrangements with your creditor).
If you choose to undertake a short sale, you will still have to leave your home. There is, however, one undeniable advantage to using this strategy: compared to bankruptcy or repossession, the impact on your credit file will be drastically reduced. It’s a wise decision in the long term.
