I will add this Idea here as well as I think in a lot of cases depending on the location and amount under water and the financial position of the owner, the Idea of stopping to pay your mortgage is probably the worst advice I have ever heard (but to each their own).
as an example:
I know of a Guy in L.A. who is a 100K under water on his home (he still can easily afford it currently), he ask if it would be a good Idea to walk away.
I said are you planning to live the north L.A. area for the next 10 years ???
He said yes.
I said why ruin your credit (possibly your employability) when in ten years it will all be water under the bridge most likely.
