The thing that got me wondering was, now that the people who are squeezed out can't file bankruptcy, it looks to me like the lender can just sell the property in a "distressed sale" situation, and the exact a judgement for the balance against the original buyer.
       That buyer will be stuck with the balance, because all he/she will be able to do is file a Chapter 13 reorganization, and make payments for the rest of his life to the lender. He'll never be able to buy or do another thing until that's all paid off.