All the emails and phone calls I get, the hardest are the people who are at wit's end. They want to simply give up their property, move out and leave things behind.

This is tempting indeed — mortgage debt can you just walk away?

There are consequences to everything. But let's back up a minute.

The issue with today's mortgage situation isn't subprime mortgage debt. It's the lack of equity.

In the "old" days pre-1997, if you bought a house you usually had to put 20% down payment, or have hard-to-get private mortgage insurance. Most people had excellent credit if they bought a house. If they didn't, then they got a parent to co-sign.

After 1997, lenders became very loose. The sub-prime deal that started let people with poor credit buy a house for the first time, even if they had no equity.

In the last 6 or 7 years, people began to borrow against their home equity either by getting a home equity line of credit, or refinancing with cash out.

Now we end up with people with good credit and no equity. The subprime debacle begins to drive prices down, and no equity becomes negative equity.

The more prices fall, the more people want to just walk away. It no longer makes sense to pay mortgage payments that exceed the value of the house. As house values fall, it becomes more tempting to walk away.

There are many things you can do about a mortgage that are better than walking away. You can lower your mortgage payment without getting a new loan. Or you can get short sale help, getting your lender to approve a short sale.

And don't worry about becoming a homeowner again. You can easily learn how to buy a house with terrible credit — and no money down. Even if you've had a foreclosure.

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