What is incorrect are claims the bank owns the house.
The bank does not. A mortgage is a debt on the property, or if you like, a debt with the house as collateral. While this gives the bank certain rights while the mortgage is still extant (if sold they will be repaid, etc, if the debt is not paid the house is taken In recompense), they do. Not. Own. The. House. They have zero ownership. The house belongs to those on the title.
I really hate the 'banks owns the house' mentality, it's not true and this weird transferral of power to 'another landlord' is putting the collar around your own neck and ceding power for no reason