Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

6 of 6
BACKNEXT
Walking: Will Nelson
I'm walking. I'd love to stay but my house was bought at $500,000 and is now worth $250,000. I offered to meet my bank more than halfway if they lowered the balance to $400,000. They told me flat out they don't do principal reductions. Now, they'll foreclose and take a $250,000 hit right off the top. I got the notice of default in February and my wife and I and our son will be out by mid-May.

Yes, my credit will be ruined but so a lot of other people's credit is too. I'd rather have bad credit than be completely broke, which is what would happen if I kept making mortgage payments.

It's a business decision. I weighed all the options, all the so-called "We're here to help" workouts from the banks, which amounted to me taking all the loss and the bank none. Foreclosure is the best option. I'll find a bigger house to rent for less money.

More galleries
Last updated November 24 2009: 11:47 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
8 cool things cars of the future will do The coolest features that tease the future of driving, from windshield projections to never needing to park again. More
The best gadget gifts for 2017 A holiday gift guide for anyone who wants to spread some techie joy. More
14 awesome toys for the holiday wish list From a DIY Star Wars Droid to a new Hatchimals toy and interactive Fingerlings, these products are worthy of a coveted spot on holiday wish lists. More

Special Offer