Ontario Tax Sale Property Forum

Tax Sale Forum => Questions and Answers => Topic started by: Smithers on January 29, 2006, 08:40:25 PM

Title: General Question
Post by: Smithers on January 29, 2006, 08:40:25 PM

I am extremely new to this and am just in the research phase.  I have a couple of questions.  Once you the winning bidder in a sale, what happens to any mortgage if there are buildings on the property?  Is the bank entitled to the building?  What happens to any occupants?
Thanks for you help.

Title: Re: General Question
Post by: Rob on January 30, 2006, 06:12:38 AM

The mortgage is void at the point when the home is selling.  I am not sure if they receive a portion of sale.  I know the bank would seize the property if the mortgage wasn't being paid so many of the properties are paid in full and the property taxes have increased to a point where they don't get paided.

Work out a deal with the occupants or remove them from the property legally which involves a court order and at least 30 days.