[Melas]

It may be an option. But do you think you can just hand over the keys and walk away from the obligation without consequences? Ever heard of a default judgement?

Sure, I've heard of it, and that's the thing. You'll hear about it a lot more than you'll actually see it.

[clintonh8r]

Actually I’m not hearing about it at all. Most people don’t seem to understand that (with some exceptions in some states) the lender can pursue the defaulted borrower for any losses it incurs associated with the sale of the collateral. Otherwise, the mortgage contract would amount to nothing more than a rental agreement.