I have a friend in Arizona that walked from his home (which had a renter in it paying him rent) as well as his wife’s home. Nothing happened other than angry letters and phone calls from the banks for over a year in both cases, meanwhile they pocketed all of their mortgage payments as well as rent from the renter. They just purchased a brand-new house with cash and jingle mailed the keys to the other two homes back to the bank. They are living mortgage-free now (he is only about 32 or so).
