I couldn’t imagine being 100k or so in the red. I would walk too, but only under these extreme circumstances. Let the banks take the hit for their crappy loans. If credit hadn’t been so loose, the prices would have had a much harder time going up because almost all of us would have been priced out. Let the borrower take the 10 year hit to his/her credit. I knew I couldn’t afford a 450,000 house. I don’t know why they thought they could.