The media has made too big a deal of mortgage walk aways. Now then, there are very few states that you can legally walk away from a mortgage without possible recourse by the lender. This isn't commercial real estate. That means that a bank can receive a deficiency judgment on the difference of the home's value and the loan. If these supposed rich have no other assets; they are fine in all states. But if they do have other valuable assets, they had better reside in a state which has non-recourse mortgages.