I seem to get a little bit sick when I hear the word "recession" still being thrown around, as if just calling it that might actually make it be such.
"The New Poor"
I also get a little sick when someone says "when the housing market comes back".
It's a pretty crappy deal that banks and mortgage companies worked together to create the housing bubble that skyrocketed the "value". Now that the values have dropped in a lot of areas, will the banks revalue these loans to reflect true value? Of course not. They'll just take people's homes and the delicate house of cards will continue to collapse.
If you choose to return the deed to the mortgage holder in lieu of foreclosure or accept a short sale, be sure to get a signed statement from them stating that they can NOT come after you for the remaining balance, which of course isn't a real balance anyway.