I agree with the herd mentality!
I think most people see that even if they use up their meager savings and retirement, it still only buys them a year or two. Then they are in the same position just poorer. People around me are walking away all the time. Some call it strategic but in most instances I see, they payment changes from $2500 to $4500, $5500 etc and they simply don’t have the money because they have lived beyond their means for years. Even if they sell the Hummer, at some point they don’t have enough money to buy food.