[looneybin]

I'm trying to convince my neighbor that just walking on his mortgage is a stupid thing to do.
He has to sell his house because he took another job out of state.
He is upside down in the loan (100% loan 2 years ago)
He can't rent or lease it for enough to cover the monthly note (he also has a second on the house).
His co-workers have been "advising" him that walking on the loan is no big deal WTF??
He is a university professor, so wouldn't you think he would know better?
He thinks the only issue would be he can't buy a home for 7 years, but i'm trying to convince him that there are MANY other issues involved & he is not seeing the bigger picture.
The other issues i am coming up with include:
hoping you car lasts 7 years, because you won't get a car loan either (unless 30% interest is ok with him).
Renting a house or apartment will be difficult.
It could affect his job, as some potential employers won't hire you if you have roach credit.
Possible higher insurance rates?
Are there any other potential issues that i am missing, i want to make a good argument for him to not walk on his mortgage (plus i don't want to look at a vacant weed infested forclosed auction house across from me).
Any advice from the financial gurus here & would be grateful.
Thanks