Mortgage woes causing some to walk away

"The local mortgage broker said she owes more than $100,000 beyond her home's worth. She's had trouble keeping renters who could cover the $2,400 monthly payment. When she first called her bank in February to discuss new loan terms, the bank told her she had too many assets to qualify for renegotiation. She called back in October and learned that she was by then too underwater for a modification. She's paid $7,500 out of pocket in 2008 to stay current in her mortgage, but with her brokerage business slow, she can no longer afford the financial hit. She's stopped paying the loan altogether."