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Montreal Foreclosure and Judicial Sale Stopped

If you are in default of your mortgage and have received a notice from your mortgage lender’s lawyer you should read the following information. In Quebec mortgage lenders such as Bank of Montreal and Bank of Nova Scotia have two legal options to recover their mortgage investment, one is foreclosure, the other is judicial sale. Our team has experience in stopping the Montreal foreclosure process which allows the homeowner to get the most money out of their property.

Stopping a Foreclosure in Quebec

The best way to prevent a foreclosure or judicial sale is to act as soon as you feel that your mortgage could go into default. Our team of mortgage experts can help analyze your situation and determine the best options for you to avoid and stop a foreclosure or judicial sale. You can call us to discuss your situation, we provide a free consultation that can help you save your home. If you are in foreclosure we recommend that you call us as soon as possible.

Foreclosures in Quebec

A foreclosure of your property can result in the homeowner losing ownership of the property, all occupants of the property being evicted and lose of any equity in the property.  Foreclosures are common in Quebec, therefore if you are in default on your mortgage you lender has probably started foreclosure proceedings. Foreclosures take a little longer to process than a judicial sale and the legal process is more expensive. As a homeowner, a foreclosure is the worst possible action that a lender can take against your property. Fighting a foreclosure can cost many thousands of dollars and months of time.

Foreclosure laws in Montreal, Quebec are written to give the homeowner the chance to stop the legal process. One of the most important documents a homeowner should file is a “Notice of Hearing”, this will ensure that the homeowner is sent copies of any court documents that related to the foreclosure or judicial sale of the property. If you do not file a “Notice of Hearing” the legal process will continue but the homeowner will not be updated or sent information regarding the legal process.

Judicial Sales in Quebec

A judicial sale of a property in Quebec is somewhat similar to the power of sale laws in Ontario. Once a property is in default the lender files for a judicial sale of the property. All judicial sales are conducted under the supervision of the court. Lenders are required to apply to the court for permission to sell the property that is in default. A judicial sale can have a significant amount of court involvement

Prevent a Foreclosure

Losing your home can be one of the most emotionally traumatic situations to happen to anyone. Our goal is to help the homeowner stop the foreclosure or look at options that allow the homeowner to keep their house.

It is always in the home owner’s best interest to communicate with your lenders, do not avoid their phone calls or letters. Keep copies of all documents sent by the lender or their lawyer. When you call please have any legal documents that you have received close by, if possible send copies of the documents to us by email. Every foreclosure or judicial sale is a unique situation, to complete a proper analysis of your options we will need copies of any legal documents that have been sent to you.

It is always in the home owner’s best interest to communicate with your lenders, do not avoid their phone calls or letters. Keep copies of all documents sent by the lender or their lawyer. When you call please have any legal documents that you have received close by, if possible send copies of the documents to us by email. Every foreclosure or judicial sale is a unique situation, to complete a proper analysis of your options we will need copies of any legal documents that have been sent to you.

 

 

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