Also in the current economy, risking a big hit to your credit score is probably a bad idea. As the economy tanks, businesses will have to make cuts, and your job may not be as secure as you think. You could lose your job - then you need to find a new job, with that poor credit score looming. Or you could be shifted to another job, and have to move - and get a new mortgage. Not only will those 250 points result in a higher mortgage rate, but a forclosure on your record may make the banks think twice before offering you credit, even if it is secured debt.
Any of the major developers are likely to pursue every avenue to collect the debt, particularly right now. As John mentioned, they need the cash flow. 99% of those who bought from the developer did so through a presentation, and were prequalified. The whole point of the tour qualification is to show you have the means to pay. In most cases, those who had the means to pay when they purchased either still have the means to pay, or have some sort of assets that can be seized. You may feel squeezed, and not want to pay, buy you have the means. You might need to cut back on other expenses, but you signed a contract, and are responsible for your debt.
Take this one step further, for those willing to walk away when they have a paid-off unit. The thought is that the developer got all his money, so you're not really hurting anyone - but you are. If you still owe the developer, the developer is the one most likely to forclose, in which case the developer is responsible for the maintenance fees. If you don't owe the developer, it is the HOA who has to forclose. When that happens, you are simply shifting the burden of your fees to all the other owners. When it costs $30,000 to maintain a condo for the year, and that cost is split among 50 owners, each only has to pay $600. But drop that to 40 owners, and each is now responsible for $750, and if the fee goes high enough, it may cause others to decide to default, causing an even worse effect.