[quote=ucodegen]XboxBoy,
You missed one of the choices of the bank in dealing with the delinquent home ‘owner’.. the forth is to take the property in foreclosure and then lease/rent it back to the previous ‘owner’ they foreclosed on. [/quote]
Hey, I have no problem with that if the bank wants to do that. But isn’t that still a foreclosure? (Which would be number one of the three options) What the bank wants to do with the place after they foreclose is up to them.
I do see two problems with this though.
1) Banks are not equipped nor do they want to become property managers.
2) Most people aren’t going to want to rent the house they were just foreclosed on for various psychological reasons.
I would think that most people who make it to foreclosure auction just want forget the whole mess. Okay, some want to stay rent free until they get evicted or get cash for keys, but I doubt many will want to pay rent to stay in a place that daily reminds them of their failed financial endeavour. Just my guess though.
