Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: mpro on March 10, 2011, 01:30:47 AM
-
what happens if the property still has a mortgage on it, would the winning bidder be responsible for it?
-
what happens if the property still has a mortgage on it, would the winning bidder be responsible for it?
For a simple answer in the vast majority of cases no. You get it mortgage free unless there is government involvement. ;D
That is why the vast majority of cases redeem because the mortgage holder pays the taxes on the property. Of course if they want to be mean they wait until just before the bid opening to redeem. >:(
OTS Jeff and Tri Target like cases like that because the properties with a big mortgage look real good on their websites until the redemption. ;)
That is why the oldtimers don't get excited until the last second then we scamble and start cussing when they redeem. For added effect you should do it just as the last bid is opened.
-
can the bank buy the property from the city if they are still owed money?
-
can the bank buy the property from the city if they are still owed money?
Yes and if they have done their homework (ie there is still value in property) normally they will do so. But I have seen very occasional exceptions and that is why the old timers wait until the last minute before we scamble.
-
thanks for your help