+1 BG and NJ. Very tired of hearing the “victim” stories. IMO, other than for catastrophic reasons, I believe there are very few ethically justifiable reasons to walk on any financial obligation, including a home. I realize it’s legal, and that some consider it very clever, but I still don’t agree.

We’ve seen a few “strategic defaults” over the years, and, in every case, they could have been avoided if the buyer had been more realistic about their true borrowing status from the beginning.

IMO, buying a million dollar home or any home, when you know (and most people do know on the day they sign the documents) that you are unprepared if anything unforseen happens, or things don’t go your way with appreciation, etc., etc., is just plain idiotic.

These are, most likely, the same people who will be whining about not having enough money to retire. With a huge percentage of the country in this category, in the very near future, I fully expect to start hearing more brilliant reasoning like “I didn’t know I was going to get old,” as an excuse for little, if any, retirement planning. Sad.