When is it worth walking away from a mortgage?

Q: I bought a condo for $100,000 in 2001 and it went up in value to $125,000 until the 2008 stock market crash. Now similar condos in the complex are short selling for $50,000. After a couple of refinancings, I owe $120,000. And I owe association fees, although my unit doesn’t have a pool, gym, central air or washer/dryer. I can’t wait to get out. Should I walk away and ruin my good credit score? Can the banks garnish my wages if I walk away?

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