Ontario Tax Sale Property Forum

Tax Sale Forum => Questions and Answers => Topic started by: diamond on April 23, 2006, 10:03:29 PM

Title: Mortgage
Post by: diamond on April 23, 2006, 10:03:29 PM

Hello everybody,

I was wondering if anybody knows whether mortgage and other caveats are registered on the title of these properties, and if so, who is responsible for paying out the mortgage.  I would appreciate any feedback on it. Thanks.

Title: Re: Mortgage
Post by: Rob on April 25, 2006, 01:23:18 AM

Well what happens is:

Anyone with a lien against the property is noticed three times of the tax sale.  At this point the bank can pull the mortgage and demand full payment which might result in the house going up for sale.  Once a tax sale property is sold all lien (aside from govermental) will be removed from the property.

Title: Re: Mortgage
Post by: diamond on April 25, 2006, 05:01:45 AM

That's great news. :) Thanks a lot Rob.