A deal is a deal. Pay your obligations.
There are trade-offs. Yes they live rent-free for a time, but then their credit is killed. A foreclosure on your record can be worse than a bankruptcy on your credit report.
People walking away has made the housing foreclosure problem much worse. Anecdotal evidence is that some who could afford to pay just decided not to. Not every foreclosure is a story of job loss and illness draining savings and all that.
Sorry.
After the example the banksters set, paying your obligations is now for suckers only.
What if the Deal was fraud? Would you still pay?
What if they lied on the Title and you wouldn’t own it at the end? Would you still pay?
What if the bank did shady dealings and stole your property even if you did pay?
http://www.zerohedge.com/article/guest-post-ethics-mortgage-loan-default
The deal was broken, the market NOW is not like our parent’s market. The game is on.