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Your house is worth $250,000 and you owe $400,000 in loans on your property. You can afford to keep making your payments but your neighbor who just bought a model match to your property is paying half the mortgage payment that you are with 200K in less loans. Should I walk away from the house or should I keep making payments till my property appreciates? How long will that take? 10 15 years? Nobody really knows but most expect it to be well into the future. If you have current hardship then the situation seems to be a no brainer. Short sale your home, go rent for 2 years; you can probably get a larger place renting and still pay less money than your current mortgage payment. If the short sale is negotiated correctly by a professional you can walk away from 150K in debt and tax consequences in the above example and still have the option of purchasing a home 2 years down the road. Contact us to explore your options www.california-shortsale.com.