How about renting instead of evicting?

The constable cancelled a foreclosure auction and an eviction in Boston the other day when a group showed up to protest. The group’s goal is to make the lender take over ownership of the house via foreclosure and then rent it out to the former owners while they put it on the market. This would avoid putting people on the street, prevent having an empty house that can easily be vandalized, and should actually save the lender money.

Especially in areas where foreclosed houses stay on the market for long periods of time, lenders should be better off renting the property out at reasonable rent to the former owners while they market it. They would get some revenue to help pay taxes and some of the interest they lost on thhe loan. The house would be occupied and safer and someone would be in it to keep it up.

It looks like a win-win to me, but te lender interviewed on NPR in the Boston case was having none of it. “We are not in the property management business” he said indignantly.

Right. But thousands of companies are. One phone call could get someone who could manage the property and collect rents while it is on the market

Comments are closed.