I love doom and gloom titles. This hasn’t happened yet and hopefully it won’t.
I agree with much of this article and yet I think there’s a possible better idea lurking in it. What if the proposal was changed to the right to rent for fair market value until the house is sold? It would have to be put up for sale immediately upon foreclosure.
This would provide several benefits: The bank would not be in the rental business. Realtors would still have the opportunity to show the house. The tenants would not be so likely to leave it an empty shell. There would be less burden on government for free or subsidized housing.
I like win-wins and this would be for every stakeholder.