re: What's your opinion of people who are underwater on their mortgages?

I don't think it is anyone's fault that the value went down in most cases. Most of those circumstances are beyond an individual's control, unless they knowingly moved into a declining neighborhood.

Should they owe the bank full price? Yes, however, if someone has to leave early for a job or something beyond their control they should have some options.

Would I sit on it and pay it? What choice do you have? Walking away is not a good option for a responsible person.

I found myself in this situation within the last few years. (Not 60k under, but under nonetheless). We dug in and started paying extra every month. If I had to sell today I would no longer lose money on the sale. We were so inspired we continue paying it down every month. It became a positive trend to not be in that situation again. It was not our fault as the value went up and then went down more. It was my fault for using equity and tacking on to the mortgage after I bought it. But since I paid that part off recently, I feel much better and it was a lesson learned type thing.