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Nowadays a high percentage of people are “under water” when it comes to their debt and mortgage.  They bought a house 1-4 years ago, and all of a sudden, their house is worth less than it was when they bought it.  I personally think there is no such thing as magical debt cures for mortgage payments or the housing industry.  The problem is not that they are under water now. The problem is actually that they bought their house when it’s value was overinflated.  The truth of the matter is that anyone with common knowledge looking at the housing situation 2-4 years ago knew that the real estae industry was due for a bubble burst soon.  Hopefully in the near future, all housing prices will drop to the price they should be at.