Can a mortgage company prevent clear cutting of timber from a property if it greatly reduces the value of the property?

We have a neighbor who has moved and has been unable to sell his property for 3 years. We have just learned that he is going to clear cut all the timber off, take anything of value and let it go back to the mortgage company. Is there anything that can be done by the mortgage company to stop this clear cutting? House is listed at $249,000 with over $200,000 owed on the mortgage of the house and 40 acres of hardwood.