Honestly, this isn't a matter of "should" you do it. It is a matter of "can" you afford not to do it. Two different things.
Yes, sometimes you learn that you have to do what you have to do. It is unfortunate, though. You work hard to get things and then something like this happens. But, there are some things you can't control.
Just a little update. This was really enlightening to me. It's a picture of how bad it really is out there. I just got a new appraisal and I've lost almost 100K MORE. I figured it out and my cost to keep this house for the last year, including mortgage, decline in value, taxes, and insurance is...... $10,782.00 PER MONTH! How many of us can afford this?
When you are retired, they can't garnish your wages by definition, you're retired. Retirement monies are often protected by law, both state and federal, for example pensions and Social Security. Look at how OJ has managed to live high on the hog even with a judgment of, what is it, 30 million dollars? Also, when you are retired, the location where you live can be tailored to protect yourself. For example you could move to Florida like OJ did to prevent attachment of your house.
