From The Business Insider:

Should you walk away from your mortgage?

That's a question millions of Americans should be asking if the home they bought during the housing bubble is now worth far less. Later this year, Moody's Economy.com estimates that 17.4 million homes will be "underwater."

There are many factors to weigh, especially mortgage and payment modifications, but draining cash with big monthly payments for a home value that might never return can be a big waste, especially if there are less expensive rentals in the area.

But even when "strategic default" makes economic sense, many homeowners don't...

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More on housing:

Why the housing crash is not over

Why it's ok to walk away from your mortgage

A shocking 1 of every 4 mortgages are underwater