I tried to scan the posts to see if the question was raised, how much credit card debt are you exposed to right now? The reason I ask is if you do move forward and walk away you need to be prepared for the interest on your credit cards to go through the roof. Right now the credit card companies are just looking for an excuse to raise rates on people. If you are floating a bunch of debt on credit cards this could be very painful. For the record I am in the camp to look after your own best interest. The housing market has more room to fall and you won’t see the price you paid for it for many years to come. All of the mechanisms allowing people like yourself to buy a home of that value are gone. Make sure you talk to your accountant/lawyer to see what impacts this will have on your current situation. That should be the first thing you do.
