A third of owners will walk away when the value of their homes drops 20 percent or more below what they owe, even if they can afford the payments, a situation known as “rational default,” said Norm Miller, director of real estate programs at the University of San Diego School of Business Administration.
Source: Finance & Commerce
People need to educate themselves on the process and their options. Through this knowledge they can overcome the of paralyzing fear (purposely instilled by the powers that be) of taking their future into their own hands.
