[Defiant]

People have bought cars and been underwater on them right away for decades. No one ever advised that they walk away from the financing when that happens. I don't know why it is suddenly different with houses. Live in them, pay the mortgage, don't worry about the transitory value, worry about whether you are saving money by owning instead of renting.

If you lose your job, and can't make the payments, that's different. You are not walking away, the bank is taking it back.

[kabar]

If you lose your job, and can't make the payments, that's different. You are not walking away, the bank is taking it back.

Why do you think there is the highest rate ever in foreclosures? People are walking away because they can't pay the mortgage. The author is saying that rather than cash in your 401Ks, use your credit card, and borrow from friends and neighbors to hang on to a house you may lose eventually, walk away now so you have some kind of future.

The banks are kicking people out of their houses because a deal is a deal.