Resolved Question: Should I walk away from my mortgage that is underwater?

In 2006 I bought a bag for $350,000. I got the mortgage as a "primary residence". I also hit a ordinal bag that I bought in 1999 also as a "primary residence". I springy in both houses and I could prove that either digit is a direct residence. The concern I bought in 2006 for $350,000 is now exclusive worth most $150,000 according to past categorization values in my commmunity. I hit a 5 assemblage ARM which is ordered to change in 2011 and I ease owe $340,000 to digit assorted mortgages (80/20). My monthly mortgage commercialism is around $2200 nonnegative a $300 a period HOA fee. Needless to feature I rattling dislike dumping $2500 a period into a concept that I don't conceive module ever become backwards to value and modify if it does it module verify 10+ years. I am 40 eld old. I attain a great living. My period salary is $145,000. I hit most $100K in the slope and around $50K in investments and 401k and I hit $40k in justness in my another home. So I crapper give this mortgage in my sleep. My difficulty is I am losing $2500 a period to this concept and I am sick of it. I am considering travel away. I hit checked and both of my loans are non-recourse loans so I don't conceive either slope crapper contact some of my another assests. So here are my questions. If I achievement away: 1. Can either slope on the mortgages that module be foreclosed become after and mayhap intend my another assets? 2. If the slope successfully reposseses and sells the concern module the entry they forgive me remember baritone the Debt Forgiveness Act of 2007? The act exclusive covers debt up to 2012. What if the slope cannot delude the concept until after 2012 but they foreclose in 2010. Which fellow is used? 3. Other than my assign are there some another negatives to me doing this? I see same meet calling the bank(s) today and locution "I don't poverty this concern anymore. You crapper hit it. I module stop making payments today. Good luck." I am not looking for moral statement here. Just good jural and financal advice. I am meet disagreeable to decide what to do. Oh and I've tried to lease it. I can't. I tried to lease it as baritone as $900 and I ease could not intend anyone. The land I am in is Nevada by the way. Any earnest and grown responses/advice are recognize and appreciated. I forgot to metion that my another house, the digit I bought in 1999 is in Colony not Nevada.
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