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Author Topic: private mortgage on property  (Read 35365 times)

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royster

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private mortgage on property
« on: September 19, 2007, 08:41:30 PM »
First time on board with what I'm sure is a repeat but BIG question for me.  Does a private mortgage ( or any mortgage ) stay attached to the property after a tendered tax sale. It looks like from what I can see, is that all mortgages are deleted. Why would mortgage holder not pay the taxes themselves ?
Thanks in advance 
Roy
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Pawel

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Re: private mortgage on property
« Reply #1 on: September 19, 2007, 08:54:30 PM »
All mortgages will be wiped out. A mortgage holder will pay the taxes themselves depending on how much of the mortgage is still owed on the property.

It is important to know that the Canadian system is much different from the American system in terms of tax sale properties and mortgages. It is my understanding that in the states, foreclosed homes can be auctioned by the bank at any price they like to get back their money. In canada, mainly because the banks are regulated, the bank must sell the home at market value.
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royster

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Re: private mortgage on property
« Reply #2 on: September 19, 2007, 10:03:09 PM »
thanks for the info. I have never tried a tax sale before and I hope not to make any serious mistakes the first time out.
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