The great loses incurred by homeowners in the mortgage melt down has prompted many people to take so many decisions that may adversely affect them. Some people are advising homeowners that have more debt on the home loan than the value of their homes to just walk away. this is not a very good option as it might have negative effect on your credit for future purchases. If you are one of those with homes that have less value than the remaining balance on your mortgage, all you need to do is
1. Try to modify your loan and take advantage of the current low interest rate in the market.
2. If unable to modify, then you can opt for a short sale, where the house is sold for less than the outstanding loan on the house.
Don't ever walk away from your mortgage instead find ways by which you can make something good out of a bad situation, the above will help in mitigating your loses by a great extent as well as little or no negative effect on your credit.