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Originally Posted by taking charge
I can't imagine what kind of money pit the place would have to be that I would let my credit be ruined by a foreclosure.
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It depends on your values overall. I'm sure there are lots of residents of New Orleans who are still making their mortgage payments despite the fact that their houses are worth basically nothing . . .but I'm also sure that there are lots of people who aren't. Some things that could easily wipe out the value of your home: Toxic mold, termite infestation, asbestos, lead, environmental contamination, "earth movement", flood, prior meth production, title issues, etc. (Personally I'm in the "pay off the house as soon as you can" camp, but there are two sides to the issue.) Oh, if you think that home inspections save you from most of these problems you're right. However, if your home inspector missed the toxic mold infestation that you discover 2 months after you move he'll generally refund the money you paid for the inspection (and that's it!).