Best of Luck!
Contact a HUD approved counselor on the makinghomeaffordable.gov website, and discuss your options with them.
And finally, be certain that your current mortgage situation on your new home is secure and fixed before taking any action that might cause any negatives on your credit rating, or flag you as ineligible for a refinance on your new home if that would be best, first.
You really only have two options. One, is to try and sell the home outright or as a rent-to-own (land contract), even if it's at a loss. Two, is to refinance the home as an investment property. Based on the info you've provided, I doubt #2 is a viable option since you'll need at least 20% in equity. You're in a tough situation, either way. Good luck.