Receiving a 60 day notice, also known in legal jargon at a notice of exercise of hypothecary right, from a mortgage lender is a stressful situation, given that it can lead to the loss of ones’ property. Nobody wants to lose their home. Most people do not have extensive knowledge in the legal field, and are often times poorly advised by friends or family, mortgage brokers or real-estate brokers.
Here are 3 ways to avoid losing your property after having received a 60 day notice:
1. Correct the defaults noted in the 60 day notice
This is the simplest solution. The notice of exercise of hypothecary right will list the different reasons why you received said notice. If it is due to monetary issues (ex. late payments, property tax payments), you must reimburse the amounts due in order to terminate the notice. You can borrow money from your friends or family or obtain a second mortgage if your property equity allows for it.
2. Reimburse the mortgage debt in full via private mortgage refinancing
Given the fact that your credit is probably damaged, you’ll have to opt for private mortgage refinancing. By working with a private mortgage lender, such as Financière Victoria, you can opt for refinancing of up to 75% of the property’s value. By reimbursing the mortgage lender, the 60 day notice is terminated.
3. Sell your property
This is the solution that the vast majority of debtors don’t want to consider. But unfortunately it is your only solution if you do not have the funds available to fully reimburse the amounts you owe the mortgage lender within the required deadline. The use of a realtor is strongly recommended in order to develop a good strategy for a quick sale.
If you have received a 60 day notice, or if you are presently looking for private mortgage financing, please contact me at email@example.com or by telephone at 1 (877) 220-7738 Ext. 101.