Not from your job.
From a house or condo that is underwater (i.e., worth way less than the loan):
John Courson, president and C.E.O. of the Mortgage Bankers Association, recently told The Wall Street Journal that homeowners who default on their mortgages should think about the “message” they will send to “their family and their kids and their friends.” Courson was implying that homeowners — record numbers of whom continue to default — have a responsibility to make good.
... Some [Americans] are making a calculated decision to hang onto their money and let their homes go. ... Businesses — in particular Wall Street banks — make such calculations routinely. Morgan Stanley recently decided to stop making payments on five San Francisco office buildings. A Morgan Stanley fund purchased the buildings at the height of the boom, and their value has plunged. Nobody has said Morgan Stanley is immoral — perhaps because no one assumed it was moral to begin with ...
I bring this up here because I've gotten questions from members about what they should do with loans they can't afford and houses that are worth less than they paid for them.
In every case, I tell them to analyze the financial pros and cons of getting out from under, and if walking away from the house and loan is the best road to take financially, then don't think twice about it. Because despite the moral lectures from the bloodsuckers in the mortgage and banking industry, there is no "morality" involved.
You default on the loan. The bank -- which sold your loan to somebody else five minutes after you signed the papers -- gets the house. Simple.
I bring this up here because I don't want artists -- who are often a bit too idealistic and trusting -- to screw themselves over trying to live up to some bogus altruism preached by the Bankers' Association -- which spits on the concept every chance it gets.
Do what's best for you. Period. And remember the words of every flinty-eyed executive I've ever met: "It's business."