Millions of Americans have been sitting pretty in homes for years as they wait out the foreclosure process–for free.

The question is this: Should you?

It's something millions of home owners should think about, especially if the home they bought during the housing bubble is now worth far less.

Even when "strategic default" makes economic sense, many homeowners don't, simply out of fear and guilt.

There certainly are risks to weigh – a temporarily wrecked credit score for one thing – but draining cash with big monthly payments for a home value that might never return can be a big waste.

"A large number of Americans who are underwater on their mortgages would be better off financially if they walked away from their homes," says Brent White, a University of Arizona real estate expert.

"They don't because we have a double standard...individuals are told they have a moral obligation to pay their mortgages and corporations understand that contracts are to be breached when it's not economically efficient."