This is my reply . . . .  

That is the problem, in simple terms/explaination, thanks . . . . The question continues, if you can't make your mortage pymt's (for what ever reason), should you forfeit the home or not? One of the things is, most of those, not meeting the obligations, do not have the money to hire attorney's to sort though the paper work - I guess that's why the state's attorney generals are deciding what card to play  . .  ..  The big banks and insureance / financial industrys lobbiest are working overtime to get ahead of this, and they will.

edit: Is it a windfall for the home owner, since there is no longer a contract obligation?

Is there enough to cause the financial ruin of those that hold these worthless obligations?