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Updated over 8 years ago on . Most recent reply
Need urgent responce
I am new at this site, blogs, and market; I found this interesting site surfing for real estate investors and I think I in luck. I am in Montreal QC, Canada, fist question is, Is there any information regarding Montreal? Second question, and more important
I know someone (close person) this person about six months ago was not able to pay the city taxes (commercial property), and the city sent a letter of pay or the property goes on the auction list, desperate this person contacted a RE agent and he referred the owner to a private lender, the taxes were paid but I just learned that one of the clauses of the loan is pay the money back by February 2017 or the lender get the property, the amount is only about 30K, I don't know all the clauses and specs of the loan contract, nor the exact date that the contract was made, but it would be ridiculous to loose the property for such amount, unfortunately the owner was not able to get the money from banks,
Note: (I commented this issue to a RE agent and the first question he asked me was. Why didn't the RE agent (the one that referred the owner to the private lender) tell the owner of the property to go to the bank and present the problem to them, the agent I know told me that in this cases the bank would pay the bill and add the amount to the mortgage, Is there any truth in this?
This is and emergency if there is any information or direct contact please forward it ASAP.
Montreal QC,