Frankly, this is a brilliant idea for the underwater homedebtor.
You’ve been piling up credit card debt to pay the mortgage, and bleeding more each month. So you stop paying now (since it’s a matter of time anyway), pay off your credit cards, and save up a security deposit in the months before eviction. You clear your credit check on your new rental before the foreclosure, and know exactly when you have to move. Seems almost civilized…
