Well, it looks much more complicated that I thought.
I was talking with my father, and well, he sees the "human" part of this problem, a family that loses their home and still having a debt that probably will never pay, and I see the "objective" debt towards the bank... made me think.
Well, anyway, thanks for the interest guys.
well even with credit card debt you can call up the CC company and make a deal with them... it will show up as a charge off on your credit report though.
throughout history people who were in debt have made deals with their lenders and in many cases did not pay. hell I'm owed money from a few guys for sports bets and those bozo's haven't paid up.