IF there is only one "field" into which a landing would be remotely possible in your hypothetical scenerio and the alternatives are houses, then more dramatic solutions might be justified, but again the type of aircraft may be a factor.
Sounds like you are flying illegally, having broken Rule 5. Isn't it 1000ft or high enough to glide clear of built up areas, which ever is the higher ?
Not necessarly. Perhaps there were a number of options available at the time of engine failure, but by the time the pilot realised that they had messed up the approach (and perhaps field selection) their altitude had reduced to a point where the other options were no longer available.
dp