How to avoid losing your property after a 60-day notice (3 proven tips)
Receiving a 60-day notice from your mortgage lender — also known in legal terms as a notice of exercise of a hypothecary right — can be an extremely stressful situation. The ultimate consequence is losing your home. Nobody wants to find themselves without a place to live. Most people don’t have in-depth knowledge of real estate or legal processes, and as a result, they often receive poor advice from people around them — friends, mortgage brokers, real estate agents, etc.
Here are 3 ways to avoid losing your property after receiving a 60-day notice:
1. Fix the issues listed in the 60-day notice
This is the simplest solution. The notice of exercise will outline the specific reasons why you received it.
If the reasons are financial (for example, missed payments or unpaid property taxes), you’ll need to repay the amounts owed to stop the process. You can do this by borrowing funds from relatives or by obtaining a second mortgage if your property has sufficient equity.
2. Pay off the mortgage lender in full through private refinancing
Since your credit is likely damaged, you’ll need to turn to a private mortgage refinance.
By working with a private mortgage lender like our company, you may qualify for refinancing up to 75% of your property’s value.
Once you’ve repaid the original lender in full, the 60-day notice is automatically cancelled.
3. Sell your property
This is often the option most homeowners don’t want to consider, but it’s sometimes the only viable solution if you don’t have the funds to repay the full amount owed within the given timeframe.
Working with a real estate broker is strongly recommended to ensure a solid, fast-sale strategy.
To learn more about the legal deadlines involved in this process, read our article: 60-Day Notice: The Real Timeframes Granted to Borrowers.
If you’ve received a 60-day notice or are currently seeking private mortgage financing, feel free to contact me by email at maxime.st-laurent@financierevictoria.com or by phone at 1 (877) 220-7738 Ext. 101.
