I tend to agree. My house is currently underwater by a large amount. I will not be trying to pay off my entire mortgage right now. I will only being paying the minimum. I also will not be paying extra to get above water. That's known as "throwing good money after bad".

In other words, I have a failing investment (my house). Instead of throwing extra money at my house, I should be putting my money into something that is more likely to appreciate. It is quite likely that I would not be able to receive a positive return on my house for another fifteen years, and I'm only talking about being a little above the purchase price. So, if you consider inflation, I'd still be losing money. For all practical purposes, my house is a losing investment for the rest of my life. I really should do a short sale or a strategic default.

What about the damage that will cause to my credit score, you ask? Who gives a crap about credit scores? Banks surely don't. My average credit score is over 800. I still can't get anything done that someone with 680 can't do. I can't modify my mortgage, and that's all that really matters to me. The concept of a "credit score" has been about the biggest scam to control my behavior as a consumer. I have not benefited at all from having an ultra high credit score. Striving for an ultra high credit score has only limited my lifestyle. I'm talking zero benefit over the last 10 years.

Even if my credit score goes south from a strategic default or short sale, it will rebound to a respectable number in 3 to 7 years. Meanwhile, my house value will behave as explained above (15+ year outlook). So, should I stick with a failing investment, or should I sacrifice my credit score while saving a lot of money?

The answer to me is obvious. I just need the balls to "pull the trigger".