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I look at a loan as my personal commitment to repay the loan unless circumstances prevent it. If you're borrowing money to finance an investment, you're the one that should be assuming the risk of the investment going bad, not the lender. If your investment goes bad, you take the loss.
I would not intentionally walk away from a loan. I also don't think walking away from a loan is ethical.
Read more: http://www.tfproject.org/tfp/general...#ixzz161nOHcQA
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Your "agreement" has been traded 100 times already to investors. Why should they jump in/out of an investment and you not be able to?
The fact is a house should never have been viewed as an investment... but the Mortgage people sold it to us as is. The second it became an investment, stopping payments on a house that's underwater (and getting 9mo of payment free living) became an incentive the smart person takes.
The general public got taken by mortgage brokers, and suddenly they turn around and start pushing the "obligation" the second it turns to bite them back.
Let your underwater house get taken. If you're $80+K underwater, the highest credit score ever will never make up that differential. Lett your 9mo mortgage free living build up some savings so you can instead do a 40% cash purchase and make up for the bad credit next go round.