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Current mortgage on property
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Topic: Current mortgage on property (Read 15990 times)
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scott1234
Newbie
Posts: 2
Karma: 0
Current mortgage on property
«
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
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gap
Gold
Posts: 65
Karma: 20
Re: Current mortgage on property
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Reply #1 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.
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Rob
Administrator
Senior
Posts: 536
Karma: 135
Re: Current mortgage on property
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Reply #2 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.
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newrevolt
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Re: Current mortgage on property
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Reply #3 on:
November 10, 2006, 07:29:20 AM »
does this apply in alberta as well?
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Rob
Administrator
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Posts: 536
Karma: 135
Re: Current mortgage on property
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Reply #4 on:
November 10, 2006, 12:43:10 PM »
Yes it applies in Alberta as well.
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Current mortgage on property