Plus, at least here, if you lose your job the following happens:

• for 2 years you’ll get 80% of your previous paycheck (assuming you worked long enough to qualify, iirc 5 years. if not you get time deducted)
• at the same time as the end of your current employment you have the option to stop/reduce payments on the loan for a time due to special circumstances (technically not mandatory but not bank will give you a large loan without this added insurance, iirc interest will still accrue in this time essentially extending the length of the loan)

And that’s the difference. Here you just get to be foreclosed on.

So yeah with having reasonable social safety nets in place the idea is a lot more reasonable