Contract rights don't matter, law doesn't matter, we'll just ignore all of that pesky stuff when we don't like it.
Should this come to pass the obvious thing for everyone in this country who is underwater to do is to default. On purpose. The resulting flood of defaults will bury the banks with the HAMP "review" requirement for literal years, allowing you to stay in a free house for that amount of time.
During that time you can save a lot of money (your entire mortgage payment) or live high on the hog on the money you would otherwise send to the bank.
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