According to Dylan why wouldn't you? The banks and the borrowers entered a contract using the house as collateral when you did your mortgage. To no one's surprise the banks still expect you to pay your mortgage back after the housing sham went south.
The problem is they didn't hold up their end of the bargain. When their finances went south they ran to the Fed and got bailed out by the taxpayer. Wall St argues that you must pay back your loan because you entered a contract!
I say screw that! If you are in financial straights then why should you continue to be forced to pay your bloated mortgage when the banks couldn't hold up their end of the deal? Just drop your keys in the mail and walk away.
I love the analogy below with the car. When you don't pay your car loan back what happens? The finance company repos your car. Your credit rating then takes a hit and it's over.
Why shouldn't you be able to do the same thing with your house?
Let's be honest here: Without the Fed, 90% of the borrowers would have no place to mail their mortgage payments to right now because the bank that they lent it from would have likely failed back in 2008. They have a lot of balls to try and force you to hold up your end of the deal when they couldn't themselves.
The Bottom Line
Both parties entered into an agreement that was dead from the start because most borrowers were never going to be able to pay the loan back.
The banks no longer have to "stress out" about it because the Fed propped them up. You deserve the same relief, and the only way you will get it is by walking away from your house and backing out of the agreement.
Avoid the 30 years of stress and just mail back the keys! Before you do so make sure you listen to the consequences below in Dylan's clip: