If you bought near the top in 2005/6 with 25% down and you have seen a 55% drop in valuations as is the case in Florida you will make payments for 16 more years before you get back to owing what the property can sell for (19 years from origination) ,, or 18 years to make up for the expense of a realtor.
You can pack your bags and rent for half or less in a better house in the same neighborhood in many cases (”musical chairs” anyone?). You are eventually going to fail on the original mortgage anyway if you have to move for a job or some other reason and can’t make a short sale work..
It’s a tough decision for these young couples I know. They have actually been advised by the banks, that they won’t even talk to them about renegotiating a loan, etc. unless they have missed 6 months of payments.
Sounds like a catch 22. Miss the payments, and they might foreclose; don’t miss the payments and you can’t renegotiate w/the bank.