Actually, one of the GSE's was going to do that. Let the mortgage holder default and rent the house for market rates not mortgage rates.
Hey, the roof leaks, now the government has to fix it. Hey, the leaking water heater they have to replace. Hey, all kinds of problems here I can get the government to fix for free...
It is really a losing proposition. A bad idea, Interfering with the free markets and a bad idea.
It would cost far to much. Allow the markets to find their own level. It will happen the government can only slow it down for awhile.
I DO know that the city of Wheatridge are offering no down loans to home buyers/contractors to use funds to fix up properties and increase the neighobrhoods value.This program is called Wheatridge 2020.
Keller Wiliams Realty success
Don't get me started...you know how I get. :)
Real Estate...Your Way
What a task that would be. Where is the Government going to get this "Billions" of dollars to do this?
This sounds like a Bad Idea. What do you mean buy the Government is "steering" markets?
I feel like there are better Ideas to fix these problems. Brian
Therefore, Notices of Default are being filed but then no further action can take place. This leaves hoards of houses vacant or with occupants paying no payments and because title is still in the origional borrowers name they cannot be sold. Unless of course, the origional borrower, who is on title, takes action themselves to do a deed in lieu of foreclosure or a short sale.
Also, banks were never set up to manage and sell homes, only to lend on them