Show Posts
1
Questions and Answers / Interests of Lenders and Banks
« on: August 16, 2006, 03:53:33 AM »
While I have been quite successful with tax deeds in the US, Canada is a new ballgame to me.
The process seems straight forward on paper, but execution in real life is a more difficult matter.
In the Us, if a parcel coming up for auction contains a house that is mortgaged, it is common that the bank/mortgage holder will pay the back taxes on
the property and add to the poutstanding mortgage. Rarely, the bank will send a representative to just bid and buy the property.
My question is what is common in Canada?
The reason I ask is that I am interested in an upcoming parcel that has about 200,000 of encumbrances to vartious lenders but **might** still be a good buy as the property is worth more, I believe. I have yet to do a close up inspection of the property but I will be doing so within the week.
Thank you in advance for your answers.
The process seems straight forward on paper, but execution in real life is a more difficult matter.
In the Us, if a parcel coming up for auction contains a house that is mortgaged, it is common that the bank/mortgage holder will pay the back taxes on
the property and add to the poutstanding mortgage. Rarely, the bank will send a representative to just bid and buy the property.
My question is what is common in Canada?
The reason I ask is that I am interested in an upcoming parcel that has about 200,000 of encumbrances to vartious lenders but **might** still be a good buy as the property is worth more, I believe. I have yet to do a close up inspection of the property but I will be doing so within the week.
Thank you in advance for your answers.