I LOVE how americans think. Heaven forbid you have the CASH to buy a house, right? SOME folks DO, hard as that may be for most of you to comprehend. I am saying this: If you owe $400K mortgage and your house is worth $100K, WALK AWAY FROM THE MORTGAGE, and buy the house next door for $100K cash. Or, if you do not have the cash then buy the 2nd house with a new mortgage FIRST, then default on the original one.