First, I'm sorry to hear that you've been laid off. I'll keep my fingers crossed that a great new opportunity is around the corner for you.
It sounds like you may have a good basis for a short sale. I'd recommend you not wait - right now it typically takes 6 months to get a short sale done, and the current tax relief ends in 2012. (See the IRS link below).
The short sale negotiator (I would recommend a lawyer who has done 1000s of such transactions) will negotiate between your banks, the condo association, the tax collector, and any other liens to ensure that the short sale can occur.
Because people are seeking bargains, you want to price correctly so that you can get multiple offers quickly, stop showing, and then simply wait for the bank to make their decision.
Call me if you'd like to discuss this further.... more