I would expect that owners don't feel an obligation to sell in a...

I would expect that owners don't feel an obligation to sell in a market that would see them taking a big haircut if they can just stay put, not unless the federal government takes on the debt remaining after the value of the property is sold.

If the market, as in the entire economy, is in such a position that all of those holding debt are foreclosed and the properties are sold, they won't be met with strong demand outside of the people who are already debt free, perhaps cash rich, who can buy a series of new rentals on the cheap and then also never relinquish those.