What happens if no action is taken ?

 

If no action is taken by the debtor, the creditor may then exercise one of the two major recourse. This two major recourses are the taking in payment or the sale under court order. By mutual agreement or by auction or tender.

 The taking in payment: the creditor takes the property in full ownership, in full payment of the debt under the deed of loan. He cannot claim any additional amount.

The sale by judicial authority: the creditor will inquire the court to propose selling arrangements or appoint someone to do so. Three methods are possible for sale: the sale by mutual agreement, the auction and the sale by tender. The court will fix the conditions of the sale and the reserve price.

 

 

How can I rectify my situation ?

 

To rectify your financial situation, you need to adjust the amount of the loan or incurred delays. 

Each notice of exercise presents unique particularities. For this reason, our company will make the analysis of your file. In order to obtain the best solution for your situation.

For additional information, please contact one of our representatives who will be happy to meet and guide you.