if you go to your backyard and burn $120k cash it's unthinkable right? well you may be already doing this. it's amazing to me that people freak out if they paid $50 more for a pair of shoes but don't mind burning $120k.
many of my friends and family living in america have houses that are "underwater" - example they bought a house at $700k and the value is now $400k. what you should do is either short sale if you qualify or just default. i've read a lot of people still lived in their house for 1 year after defaulting so you save a lot on rental.
it is better to default because the value you get from having a good credit is much less than the amount of money you are wasting on a house that is underwater.
i understand it's feels immoral to default or not pay your debt but in america it's perfectly ok in this situation. it's part of the game.
(for more of my knowledge bombs, click the "ian's knowledge bombs" banner at the top of this article and choose any article in the table of contents that piques your interest)
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