Project Lifeline: A Lifeline For Who?

Mish offers some advice to homeowners: "Perhaps it's time for real hardball. Get an honest appraisal on your house. Consider walking unless they lower the amount you owe to what the house is worth (assuming of course you can afford payments at that rate). They probably won't do it. If you choose to walk at that point you will at least know what you are walking away from. Most likely it will be tons of debt and most likely you will be happy to be out of the debt trap."