Yglesias says that I should be more sympathtic to the victims of the housing collapse, Well, that's kind of difficult for me, as I've witnesses many peers living the high life because of home equity loans, while I kept on renting and trying to correct my own financial mistakes of the past. I'm kicking the tires on a ten year old used car, they are treating themselves to new SUV's. I'm looking for a sub $700 rental, they are buying mini-mansions with $3000 a month mortgages. I have no second cars, no ATV's, no jetskis, none of these suburban trophies. The reason I never bought them is because on my salary, I could not afford them. $3000 is still a very big deal to me. So excuse me this one moment of "I told you so". Years of having to endure real estate amatuers insisting that I must buy a house, that I gotta get in on this, entitle me to at least that. And I'm not using "they" for dramatic effect. This stuff was said to me over and over again by various people. So, sorry, not sympatheic. In over your head, I say, walk away. If you can afford a $3000 mortgage, then a $1500 rental is easy, and it's not the end of the world. In effect, you'll be paid $1500 for that credit ding. Take your lumps, you'll be fine. The lesson you learn will be invaluable.