Wattuppp, thanks for the complete description of your position and your dilemna. How many millions of homeowners are or soon will be in the same situation? Many will crunch the numbers and understandably feel they should not keep paying on an underwater house while the government is bailing out their arguably more irresponsible neighbors.
Once many walk away, that will feed the downward spiral of price declines, making it worse than it otherwise would be. That’s why no one really knows how far it will go and when it will end. The price collapse is taking on a life of its own and feeding on itself.
