“I personally would be the first person to continue to pay my mortgage even if there was a way out during a huge value drop, why? Because that is the agreement I made at the time for a 30 yr commitment.”

Perhaps this is the distinction being missed by the morality folks. The agreement you made was NOT that you would pay for 30 years. The agreement you made was that you would pay for 30 years, OR you would return the property, your option.