My thoughts on walking away

For most homeowners, DO THE STRATEGIC DEFAULT and get out ASAP if you are upside down. If you look at your home as an ivnestment "throwing good money after bad is EXACTLY what you are doing"

See your home as an ivnestment and remove the emotional attachement, and, you already know what you should do, just like JP Morgan did for their properties:

www.bloombery.com/apps/news?pid=newsarchive&sidaLYZhnfoXOSk

They refer to is not as a "strategic default", but:
"We are going to give them the properties to get out of the loan obligation"

I am not an attorney, BUT< the numbers are what they are, common sense dictates same.

Question -- how lodng do you think it will take for your home to get back to even, to be worth what you owe?
Common answer in the Washington DC area - 12 years

So, if you owe $500,000, and your home is only worth $300,000, let see:

if you do NOTHING -- 12 years from now if you were to get back on here you will hve zero (nada for my Spanish persons) equity avaialble for you to withdraw

Conversely - if you buy a similar home, for market value today, then do a short sale or strategic default - 12 years from now if you were to get back on here you will have the OPPORTUNITY to pull out $200,000 CASHOLA!!!!

Not a tough decision.....for most homeowners getting out from their upside down property is a VERY smart financial decision, and one most iwll egret NOT doing in the years ahead.