According to a June 2009 research report from Financial Trust Index, about 26 percent of all foreclosure proceedings in process at the time were strategic defaults or “walk-aways.”

That means that about a quarter of foreclosures happened to people who could afford their mortgage but simply chose not to pay – most likely because their home’s value dipped far below the price they paid for it.

As with many financial dilemmas, the decision to walk away has both economic and emotional components. Some of the experts at LifeTuner weighed in in a recent discussion thread on the topic:

Eleanor Blayney, Consumer Advocate for Certified Financial Planner Board of Standards, is skeptical that walking away from a mortgaged property ever makes financial sense.

“First of all, you will likely be taxed on the amount by which your mortgage exceeds the home value, and given that you will not have sales proceeds to use for these taxes, that alone could create some financial hardship,” she said.

As always, when it comes to taxes, you should seek professional advice to be sure you understand the consequences that may apply.

“Next, there's your credit score, which will take a huge hit as a result of your decision to default. OK, you now have no mortgage to pay, but you will be hard pressed to get another mortgage again for a very long time,” she said.

And to make it even worse, she points out that the costs of walking away could actually follow you for a long time. “Given that your credit report now affects your ability to get a job, a car loan, an apartment lease, even the price you will pay for insurance premiums, your decision to walk will be no walk in the park. All the expense you avoided by defaulting on your debt could easily be incurred in a different form by the many higher costs you will now have to pay as a result of being a bad credit risk.”

Marlena Jareaux, a licensed real estate agent and property investor who volunteers for LifeTuner, points out that when you sign mortgage documents you’re really signing up for the best and the worst.

“What goes down, may likely come back up... and if you like your house and by the way, you like your credit (because walking away will all but guarantee that you won't be walking into another mortgage anytime soon), and you have the ability to pay, then how about being a trailblazer and setting an example? Do what you said you would do, and fulfill your responsibilities to the best of your abilities,” she said.

Robert Brokamp, editor at Motley Fool, said it’s important to be very clear about the consequences of walking away. “Your first moral responsibility is to your family, and if you're choosing between what is right for your family and what is right for the bank, go with the former,” he said.

Want to learn even more about what it means to walk away from your mortgage?

Tara-Nicholle Nelson, a real estate broker, author and expert at LifeTuner, wrote a white paper, “REThinking the Walk-Away,” that details what “walking away” actually means, the pros and cons and alternatives to walking away, and points every homeowner should consider before deciding.