I was watching a show on the reasons people are walking away from there homes....It was explained that if you invested in a home with a substantial down payment and you are now underwater....being unable to recoup your investment ....if you stop paying your mortage for the time it takes for a foreclosure to take place...in Florida 24 Months approx. Your payment somewhere around $1200 per month X's 24 = $28800.00!! You have just now recouped your investment! With the down side of your credit being ruined! In reality if your loan payment is 30 days late or more your credit has hit the downslope anyway....Walking away leaves money in the bank. I dont think its wise....but seems to make sense for someone in that situation.