Question: My understanding is that the bank must list the property for what is owed,
including any seconds and thirds. Is this true?
Answer: The mortgagee processing the POS is under no obligation and owes no duty to
subsequent mortgagees. This is why you will occasionally see a 2nd or 3rd
mortgagee bring the first mortgage into good standing and stall or stop the
POS to protect their interests.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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