Need funds quickly?

For a homeowner, the equity built up in a property can be used to resolve an urgent situation, such as a tax debt or unpaid property taxes, through structured mortgage financing.

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Situations covered

  • Unpaid income tax and tax debts owed to Revenu Québec or the Canada Revenue Agency;
  • overdue municipal or school taxes;
  • major unexpected expenses;
  • a temporary need for cash, while waiting for a sale or an expected inflow of funds.

Tax debts and unpaid property taxes can lead to interest, penalties and, in some cases, collection measures or a legal hypothec on the property. Settling them quickly often limits these additional costs.

How home equity can be used

Equity is the value of the property minus the mortgage balances. Depending on your situation, it can be tapped in several ways:

Fast, but not instant

Mortgage financing, even private, requires a review of the file, often an appraisal of the property and a signing with a notary. We work to shorten timelines, but no amount or timeline can be promised before the review. Be wary of offers that guarantee money without any verification.

Things to consider

  • a private or second mortgage generally costs more than a bank mortgage;
  • terms are often short: you need to plan how the loan will be repaid;
  • it is worth checking whether a payment arrangement with the creditor (for example Revenu Québec, the CRA or the municipality) would cost less;
  • for a tax debt, an accountant or tax specialist can advise you on the situation itself.

The steps

  1. You describe the need, the amount and the deadline;
  2. we check the available equity and the possible options;
  3. you receive the proposed terms so you can compare them;
  4. at signing, the notary can pay the targeted creditor directly.
Frequently asked questions

Frequently asked questions: urgent funding

It depends on the file, the documents, the appraisal and the notary's availability. We give you a realistic estimate after the review, without being able to guarantee a timeline.
The solutions presented here rely on home equity. Without a property, they don't apply.
Yes, it is common for the notary to pay the designated creditors directly when the loan is disbursed.
Private or second-mortgage financing generally costs more than a bank mortgage. The applicable rates and fees are presented to you in writing before you sign anything.

Talk to FERRES about your situation

Describe your situation in a few minutes. An advisor reviews your file and presents the realistic options, with their costs.

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This content is published by FERRES–Solutions Financières for information purposes only. It does not constitute legal, tax or accounting advice. Every financing application is subject to a review of the file and to lender approval; terms vary with each situation.