You should be jumping for joy that he has given you the perfect lease violation to kick his butt to the curb and find a new tenant who will pay on time - and maybe even more - and who will be fully willing/able to live to the terms of the lease.Consider this "divine intervention" - and send him a Notice To Quit for Non-Payment of Rent.  

Specific to your question, assuming a primary residence - because you didn't mention income from said property - I am not sure loans like this are even legal anymore following the government intervention of the lending world - Dodd Frank.

Do you think this is asking for some government intervention. 

Government intervention to make a market no longer free is not a necessary evil.

Any potential government intervention to remove the stress test or increase the amortization period for CMHC insured mortgages would most likely increase demand.

In theory, No government intervention, consensus rules.The biggest issue with this thing is ... it is not regulated.

Jack this needs to stop and the only way to stop Morris from my point of view of government intervention. stop the ongoing and take care of those who need it.get with the other investors who have suffered the same issues and get together the squeaky wheel ..

This amazing deal that I bought required constant interventions to keep it on the tracks which ended up involving me driving there from Chicago in person with contractors in tow. 

With the Government intervention on foreclosures, this has made the situation quite dire.   

But government intervention in the form of Fannie and Freddie give us 30 year fixed loans.