Poll: Underwater in The Tailgate Posted May 10, 2010 I just watched the 60 minutes piece and the young family there pisses me off. The husband says he feels no responsibility for this, which is exactly what is wrong with the country today. The banks don't have any responsibility, the home buyers don't have any, the government doesn't. So who does? And the owners in the piece were not concerned about their safety, so I assume you are talking about your personal situation. So, to answer the question at hand. If you signed a contract, then you need to abide by the contract or be prepared to suffer the consequences under the contract. With that said, if you are ready to suffer those consequences and it still makes sense to walk away, then so be it. The young couple in Arizona has analyzed it and according to the state law, lenders there can't go after other assets. If that is the case, then lenders were probably pretty stupid to lend if they didn't require substantial downpayments. I just wish someone would nut up and say, "I screwed up. I was stupid and it was no one else's fault but since I am so far under water I would only be compounding the error by continuing to pay on this mortgage." It sounded like there were only 8-9 states that have similar laws about preventing lenders from going after other assets so I would make darn sure that I knew what I was risking prior to taking this path. Nobody made you buy the house. Nobody made the bank lend you money. Both parties are taking risks and there should be provisions in the contract if one party doesn't uphold its side of the deal. Damages should be no more or no less than what either party signed on to. It is a contract and frankly I don't know what mine says about default. I guess that's the stuff you only think about reading when it is too late.