I expect homeowners to take deliberate steps to make themselves more forgivable: steps that include earning less income and going delinquent on mortgage payments.
There is always a small group of economists who dismiss the importance of incentives like these, and think that the vast majority of people are not really paying attention. I find their attitude to be arrogant, but -- more important -- contrary to the evidence. Bloomberg reports that 1 in 10 homeowners are in foreclosure or delinquent on their mortgage payments. Sure, some of them lost their jobs for reasons beyond their control (employment is down 1.4 from its peak). But not TEN PERCENT! The vast majority of those delinquent or in foreclosure continue to be employed.
The more important factor behind delinquent mortgage payments is that homeowners can get away with it. Yes, they risk losing their house. But a number of people find that preferable to overpaying for the house. They assume, and rightly so, that they can find another house, and find one cheaply.