[GeorgeF]

It depends on how things play out. For exmaple in Argentina when things blew apart alot of people lost their jobs so they could not pay their mortgages. The gov of Argentina desided that they would issue a new currency, and guess what mortgages had to be paid in the new currency with a principle indexed to salaries or something.

Also note that while inflation erodes the value of the principle, assuming you get pay increases in line with inflation, depreciation erodes the value of the building while costs taxes ect must be paid. Finally their is no way to predict where land prices are going.