No sense in extending the loan payments -- people aren't going to live there forever.
If ten years from now you're still upside down on your extended mortgage (paying gadzooks amount of interest in the meanwhile), and your company moves...you're still between a rock and hard place of income v. taking the loss.
IIRC, it took Massachusetts housing prices in the suburbs of Boston about 10 years to fully recover after their bubble burst in the 80s.
I *do* wonder if there's an equity swap to work out though for the people in distress -- if the bank reduces the principal by say 10%, thus the loan payments. However, when the people sell the house in the future after prices have recovered for more then the reduced mortgage balance, the bank gets to be paid up to 10% more then what the original balance was when the wrote it down.
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