A mortgage isn't a blood oath, it's a business contract—a collateralized loan. It isn't simply a promise to repay the lender. It's a promise to repay the lender or to forfeit the home. Isn't someone simply fulfilling their contract by handing over the keys when asked?

I have never really thought about it that way but technically a person walking away and handing the keys over is fulfilling the terms of the agreement. I don't know if that is "OK" or "moral" or not. I am not a homeowner and not in that position so I don't want to judge it too harshly.

I think a person should be reasonable in the sense that if he or she can pay the mortgage then he or she should try to do so until seeking good financial advice. Are there options to sell and take a loss but get out fro under it with less penalties than a straight up foreclosure? I think that is at least trying to be responsible whereas I am not sure a person who can pay just walking away is responsible.

As far as someone who simply cannot pay? I don't know what else he or she can do but walk away. I don't find that immoral or irresponsible at all. The person/family is going to pay in terms of their credit score, future financing options, etc. The penalties last a long time; the person in that situation should move on, pay the penalty but do so in a guilt free manner.

I don't want to sound like a wishy-washy relativist or anything but I do think each individual's situation is unique to some extent and that there isn't an easy one size fits all response.