I've recently read the following article on Zillow.com's blog.http://www.zillow.com/blog/2011-04-27/the-consequences-of-walking-away/?scid=emm-052311_MayBuzzRoundup-walkawayIt does offer some useful advice, but I think a chapter 13 should be looked at first.  If you are in default on the first mortgage, a chapter 13 can catch you up.  If the second mortgage is wholly unsecured, we can strip off the lien and pay it at a discounted rate, often for pennies on the dollar with no...