Many times other options exist, "walking away" has negative consequences you may be able to avoid. It is important you speak with an attorney who is experienced in foreclosure defense, and possibly bankruptcy, so that they can discuss the specifics of your situation and advise as to all of the alternatives you may have. I have seen many cases where BOA has worked out either a modification or short sale agreement with a homeowner, so it is not impossible, however, you just need to have someone review your particular case to best advise you what are your choices. No one should "walk away" without speaking to legal counsel first. There is a lot of misleading information out there and you would be surprised that your options aren't always as bleak as you may think.