I think lunchabee is an agent provocateur. It would not be good to honor the banks since a 30 year loan is similar to life imprisonment or throwing sandbags in your backpack, and yeah like someone else said – companies borrow and walk away so they don’t lose their own… interest rates are based on a risk model takes into account foreclosure risk(even banks can’t win all the time! Think about it, your payment was 95%+ interest, so even if you’ve been paying for 5 years, you’re going to have almost no equity making it a short sale anyways, but the banks in many cases will be able to cover the gap, and they probably even have insurance for it. Now if you borrowed the money from your parents or something then yeah pay it back.

PS. So many run on sentences, why did I even put any periods in there!!