Ontario Tax Sale Property Forum

Tax Sale Forum => Questions and Answers => Topic started by: justlooking on June 27, 2008, 02:54:07 PM

Title: Buying a mortgage
Post by: justlooking on June 27, 2008, 02:54:07 PM

Just asking. Has anyone ever tried to purchase the mortgage owing on any of these tax sale properties then redeem property (In the case where a mortgage exists)?

Title: Re: Buying a mortgage
Post by: Frank on June 27, 2008, 09:04:31 PM

Quote from: justlooking on June 27, 2008, 02:54:07 PM

Just asking. Has anyone ever tried to purchase the mortgage owing on any of these tax sale properties then redeem property (In the case where a mortgage exists)?

Your on the wrong forum pal.  Go look at     scammers.org   don't even know it it exists, but that's where you belong.  Good luck with it.

Title: Re: Buying a mortgage
Post by: hhs on June 27, 2008, 10:32:39 PM

Frank, don't be mean and/or cinical. People try, you know.

Title: Re: Buying a mortgage
Post by: Frank on June 28, 2008, 02:23:44 AM

I apologise if that's what you think.  I surely am neither mean nor cinical.  I think I'm quite a nice fellow.

However, we have been around the bush on that issue already, and clearly if 'justlooking' is going to go out and buy properties in advance of the sale, then we are all wasting our time.

Why would you even think of buying a mortgage, when it will disappear through the tax sale process.  Does not compute, and in the words of Mr. Spock...illogical.

 :DThere see, you made me smile

Title: Re: Buying a mortgage
Post by: hhs on June 28, 2008, 02:43:38 AM

See, you are completely right. I don't understand this "buying the mortgage" thing at all, if it's like you are saying it is: the mortgage dissapears with the tax sale. And I don't get how would the bank let this go and loose about $300,000. Some posts here are meant to confuse you, especially one like me who is new and has no clue about anything.  ???

Title: Re: Buying a mortgage
Post by: justlooking on June 28, 2008, 03:02:23 AM

As I said, just asking. I will however google scammers.com

Title: Re: Buying a mortgage
Post by: 26.2 on June 28, 2008, 11:13:33 AM

And I don't get how would the bank let this go and loose about $300,000. Some posts here are meant to confuse you, especially one like me who is new and has no clue about anything. Huh

  The bank wouldn't loose their money.  Being on title mortgage holders would receive notice from the municipality of a pending problem.  They would proceed to protect their investment.  I think this subject was addressed in past forms.  If you read all past forms, you will be well informed.  Also at Ontario Tax Sales they explain what survives a tax sale.  Basically Crown interests.  I believe I have this right.