WALKING AWAY FROM A MORTGAGE

More than 10 million households have 'underwater mortgages,' in which the property is worth less than the outstanding balance on the mortgage. These homeowners cannot take advantage of lower rates or refinancing deals, and their homes are likely to go into foreclosure. An interesting discussion regarding foreclosures, Deeds in Lieu of Foreclosure and "short sales" was broadcast on NPR's "Talk of the Nation" radio program on January 14, 2009.