I recommend that he consult an attorney who specializes in foreclosure defense.
If he is too far underwater, there may not be enough time to gain back the equity by the time the mortgage is paid off.
On the other hand, if he loves the house and location, and moving to a rental in the same area would not be a significant savings, he may want to keep his house and see if his lender will at least lower the interest rate on his loan.
Unfortunately, I am answering this almost 2 years later, and the Greedy Bastards have shown absolutely no interest in helping out homeowners.
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