Because I live in Arizona, many people have asked me over the last 2 years whether or not they should short sell their house. And pretty much every time, my advice is generally the same: It is up to you. But if you can afford your mortgage payments, there isn’t a rush – you will have that same decision in front of you for a while — it isn’t like property values are going to come back anytime soon. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free And when I put it like that, many people say that I sound biased. But I am not really — I just illustrate that if they continue to make their payment on a $200k mortgage for a home that is now worth $100k, it is going to be the same decision when they decide to sell in 3,5,7 years — most likely. Consider the story that 60 Minutes ran recently about Strategic Defaults: The story was a pretty accurate look at what is happening right here in Arizona and I am sure many other parts of the country. But the part they left out was — what happens in 5 years? 10 years? Many of the homeowners who continue to make their payments will still be under water on their homes in 5 years and then end up short selling or being foreclosed on. What should someone do if they find themselves in this situation? Well, it is an individual decision – but one thing is clear: There isn’t any rush to make the decision.