Do you have to sell your home to avoid financial recovery in Montreal? Did you receive a 60-day notice or an exercise notice? Find out more about what you can do to stop the bank and save your credit in this latest article!
Nobody wants to manage a foreclosure process, but unfortunately it happens to good people every day. Still, the number of properties sold under court supervision for debt repayment has been steadily declining since 2016, reaching 344 cases from July to September this year, down 7% since a year ago, according to the Montreal newspaper. That’s a good statistic, but too many people are still losing their homes to the banks. Life can change in the blink of an eye when you lose a job, get caught up in a divorce or face the loss of a loved one. Foreclosed people often have other unfortunate things going on in their lives, and having the banks get in the way is the last thing they want to do.
The good news is that with a quick sale of your home, you can stop the bank’s process while avoiding ruining your credit. Read on to learn more about how to sell your home to avoid and stop the 60-day notice process in Quebec.
Sell fast
When you need to sell your home quickly in Quebec, you have two options. You can choose to list the house with an agent and keep your fingers crossed…. or you can choose to work with a professional buyer directly. This way, you guarantee yourself a fixed sale date and price. Of course, direct offers are generally lower than those for homes on MLS, but you have to take into account that by working with a direct buyer, you won’t have to deal with repairs, commissions, notary fees, negotiations, delays or marketing costs. You’ll be able to sell quickly and move on.
If you choose to list your home on MLS with a Montreal agent, be aware that it can be risky. If your home doesn’t sell right away, the banks may repossess it before they’ve found a buyer. You’ll need to have the house appraised, and make it as attractive as possible in your photos, so as not to be overlooked by potential buyers. You’ll want to find a buyer who can purchase the home immediately, as any delay could cost you a foreclosure. There are agents who specialize in foreclosure sales, so if that’s what you choose to do, it’s best to work with a professional who knows exactly how to get things done.
Plan your move now!
When you work with a direct buyer such as [société], he will probably be ready to finalize in 
just a few days. That said, you ‘ll also need to be prepared! You could hypothetically get an offer this week and notarized next week! If that happens, you’ll want to be ready to go. Determine the logistics of your move, your costs and, above all, where you plan to go. If you haven’t already done so, take the time to declutter. Throw away items that need to be thrown away, and consider selling unused items to make selling easier. If the situation calls for it, you can even opt for a garage sale to generate some quick cash for items you don’t take with you.
You also need to know where you’re going. If finances are tight, buying a new home may be out of the question, and it’s unlikely you’ll be able to buy as quickly as you’d need to move in. That said, you can choose to rent if you’re selling your home under the 60-day notice process. You must be able to pass a credit check. Alternatively, you can ask your family or friends to stay with them until you can find new accommodation. A sale to a direct buyer can be made very quickly. If you have to clean, pack and move, you may not have time to find the perfect spot. Instead of rushing off to a place that doesn’t suit you, try staying with someone you know – for a short time, of course. Check in your community, too. There are often programs in place to help struggling homeowners get back on their feet.
Don’t hesitate
Once the bank has begun its proceedings following a 60-day notice, it may be too late to do anything about the foreclosure of your home. Your credit will be severely affected, making
more difficult to buy another home in the future. It’s going to take a lot of work to rebuild your credit, so if you feel you’re in danger of losing your home, it’s better to be proactive about it than wait. While the process may take some time, allowing you to stay at home longer, it’s not worth the damage that can be done to your financial future. By obtaining a direct, no-obligation quotation from [société], you can make the right calculations and ensure that you don’t lose your home to the bank.
