We hear all the time about people walking away from their homes. Either they've lost their jobs, they "took out" money from their home assuming their home values would continue to rise, or for whatever reason. Let's say they bought their house for $600,000. Their mortgage is for $2000 a month. Their house is valued at $700,000 so they take out $60k for a car. Their mortgage is still $2k. Their house value changes to $450,000. I assume their mortgage stays the same at $2k. Please correct me if I am wrong. They decide to walk away because they are under water. In another case, another family doesn't take out any money. The value again changes from $600,000 to $450,000. Same mortgage of $2k. They lose their job and they walk away. What's to keep another family from just approaching the bank in either case and just offering to continue the payments? They might not have a downpayment, but they can keep paying the $2k? I know NOTHING about this and my husband and I are very curious. We think, and maybe we are VERY wrong, that a bank would rather have someone keep paying the original mortgage than having to try and sell it again.