[SUNY1]

Depending on your state's laws you might be able to simply walk away from the mortgage without any ramifications other than a hit to your credit. I am in California and I found out that the lender has no rights to come after me for anything I am upside down if I just let the home go to foreclosure.

I also found a really cool calculator where you can plug in your home values, taxes, appreciation/depreciation, etc and it will tell you your actual cash savings by walking away and renting instead. Google walk away calculator and you can find it...