Ontario Tax Sale Property Forum

Tax Sale Forum => Questions and Answers => Topic started by: scott1234 on October 04, 2006, 06:04:10 PM

Title: Current mortgage on property
Post by: scott1234 on October 04, 2006, 06:04:10 PM

What happens to the current mortgage on the tax sale property? Does the bank forfeit the mortgage???


Thanks

S

Title: Re: Current mortgage on property
Post by: gap on October 04, 2006, 09:16:07 PM

Yes - the bank is given notice prior to the tax sale process, but in Ontario, nothing actually survives the tax sale except crown leins.

Title: Re: Current mortgage on property
Post by: Rob on October 04, 2006, 11:25:37 PM

Gap is right a mortgage in Ontario doesn't survive the tax sale.   But watch out for federal and provincal liens they do survive.

Title: Re: Current mortgage on property
Post by: newrevolt on November 10, 2006, 07:29:20 AM

does this apply in alberta as well?

Title: Re: Current mortgage on property
Post by: Rob on November 10, 2006, 12:43:10 PM

Yes it applies in Alberta as well.