If you’ve received a non-payment notice and want to know what it means, read on.
In simple terms, a notice of default is a document drawn up by a lender when it wishes to initiate a finance repossession process.
The non-payment notice will then be sent to everyone with an interest in the property (all beneficiaries, creditors, and even contractors who have not yet been paid for the work they have done on the property will receive a copy).
The notice of non-payment must also be published in a newspaper and delivered by hand to the property itself.
Although this process can be embarrassing for the individual threatened with financial repossession, these steps serve to protect the consumer.
In the past, lenders were not required by law to send a notice of default, and some homeowners were quite surprised when their house went into foreclosure.
In fact, it happened not so long ago. And yes, sometimes a bank accidentally forecloses on the wrong property, kicking people out of their homes without warning. This has already happened near Carignan.
Receipt of a notice of non-payment is an important step in the financial recovery process, as it gives those with an interest in the property the chance to assert their rights before it’s too late.
If you’ve received a notice of non-payment, don’t waste any time. Don’t wait; act now.
Here are a few things you can do:
1) Stay calm. Don’t panic.
It may seem obvious, but it’s certainly the best advice we can give you. Anyone facing the prospect of a financial recovery is bound to experience a great deal of stress. Situations like these can’t be turned around in a few hours; they take time to resolve. However, we know that you will get through these difficult times if you use good care techniques and take good care of yourself and your family members. Panic even usually leads to very bad decisions, so keep calm.
2) Get informed.
Find out as much as you can about the financial recovery process in your province. That way, you’ll know what to expect and how to prepare properly.
3) Gather all your resources.
There are also non-profit organizations and government resources at your disposal. We strongly recommend that you seek professional legal and accounting advice. Don’t try to do it all yourself! This kind of thing is super complicated, and there are a lot of rules to follow.
4) Learn about your options.
Our team wants to help you avoid a return to finance. We buy houses with cash. We can help you make a short sale. We may even be able to help you rent out your property so that you can continue to live there. You have so many more options than you think.
5) Communicate.
Banks don’t want your property. They want money, and what you tell them can make a big difference. You have the power to slow down or even stop the financial recovery process; you just have to do it the right way.
Want to know more?
