Ontario Tax Sale Property Forum

Tax Sale Forum => Questions and Answers => Topic started by: Canuck709 on June 17, 2005, 03:06:06 PM

Title: Existing Mortgage
Post by: Canuck709 on June 17, 2005, 03:06:06 PM

I am considering making a bid at a public auction for a tax sale property, but I continue to hear conflicting stories about what happens to an existing mortage at the time of sale. Does anyone have any insight into this?

Title: Re: Existing Mortgage
Post by: Rob on June 21, 2005, 04:05:45 AM

From my understanding, all creditors listed received three notices.  They can respond and  make a claim to the city. Then they can secure a portion of the final price of the home which sometimes creates an extremely high reserve price.