Quote:
Originally Posted by Great68
The current laws on the books allow for eviction notice if rent is missed by only a single day.
The issue is in the delay time for a dispute to be heard by an arbitrator.
All that needs to happen is the RTB needs to be funded for more arbitrators to get hear the cases more quickly, and there needs to be a mechanism that expedites non-payment eviction disputes to the front of that line so that they happen in a week or, not a month.
As Gerbs' mentioned, your mortgage/car loan/visa payment comparison is not a great one. It's up to the individual lender, but generally there will be some grace period. I've never heard of somone missing one payment and a bank immediately being like "Your house is ours now!". It's usually several missed payments, and then the process to foreclose can take MONTHS.
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Technically yes, 1 min pass the rent date, you can put a notice on the door regarding missing rent. You then have to go to RTB to get paperwork but will take eons.
it took me 3 months to get the notice and finally get the guy kicked out.
Car loans... that's easy to take your car back. If you taking someone's home during winter months, with a lady and 2 kids... bank gets a bad rep for not being lenient.
That's why there are better "grace" period for the banks when you can't make payment. Rarely will it gets to foreclosure... and by the time you "bid" on the foreclosure lot, it's all done / outbid by others.