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
The Obama economy in 10 charts President Obama came to office in January 2009 in the midst of the Great Recession. Much has turned around since then, but he's been criticized for a slow recovery. More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More
Top-paying jobs Anesthesiologists take home a median $335,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More

Special Offer