Don't! Don't! Law Professor Brent T. White gives idiot suggestion that people with mortgages worth more than their homes should walk away from the house. Don't Do It!
This is why:
The house isn't always going to be worth what it is now. Prices of homes may steadily escalate in the future, in fact it would be very strange if they did not.
You have a very strong hand in negotiating the terms of the mortgage with the mortgage company because they would lose money if they foreclosed on you.
If you are in this situation, go to my law firm web site at http://www.axsmith,net and contact me. I can help you through this.