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The decision to walk away should be made only after knowing all your options and the consequences of acting on these possible options. I can not tell you whether you should walk away from your home but I do believe the first question that you should ask yourself is whether you really want to keep your home. The options that you have are too complex to explain here. Go to my website for more info, [BeInformedLasVegas.com]. Look for "most common options for people with negative value in their homes". You can also get an overview of the Nevada foreclosure process there. Some people see walking away as a moral issue, while some people see it as a business decision. You need to think about where you are on this spectrum. Anyway, there may be options out there for you depending on your more detailed situation. My website can link you to nonprofit organizations that may be able to help.
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For Sale: $529,900
For Sale: $185,500
For Sale: $475,000