If you are thinking of walking away from your mortgage, you have a lot of company.

Housing Bubble and Crash Blog says

Countrywide Financial Corp, the largest U.S. mortgage lender, on Tuesday said more than one in three subprime mortgages were delinquent at year-end in the $1.48 billion portfolio of home loans it services.

And there is news about people walking away from their mortgage:

For the home debtors out there hoping to recreate the success of our cat with 9 lives and live rent free and mortgage free, now there's a website selling a kit just for that.

After all, it makes no sense to continue paying on a house when you owe more than it is worth and it is falling in value…

"The house keeps going down, payments keep going up. Where's the logic in that? And how can we fix it? I mean, that's what this whole thing's about for us is how can we fix this? And if we can't fix it, then what do we do?" Matt Valdez asks.

 

"Why pay a $3,200 payment on a 1200-square-foot home? It makes no sense," Stephanie Valdez adds.

"That's what you agreed to do when you bought the house," Kroft points out.

"Fine. If the value is going up. But we're not going anywhere. The price or the value is going down. It makes no sense because we will never be able to refinance and get a lower payment. There's no way," Stephanie Valdez replies.

 

As I have said before, this is not a subprime crisis but a "no equity" crisis. Millions will walk away.

Should you walk away from your mortgage? Some things to keep in mind. And see should you stop making your mortgage payment?

1. You may still be responsible for unpaid balances. See after mortgage foreclosure can they still come after you later
2. If you have two loans, even in states such as California where most foreclosures are done non-judicially, you may still be liable for your second mortgage.
3. They can come after you for years after the foreclosure. See short sale second mortgage
4. A short sale may satisfy your lender and get you out from under with fewer ramifications for your credit.

Watch this critically important video on walking away from your mortgage

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