Today the bank's have few programs, do the loan modification, refinance, Harp, please check with your bank, and see if you can qualify under any program. If nothing else, the last resort will be doing the short sale. Please feel free to call for any questions on short sale, I will be glad to answer and help you. Good Luck
As you show you are from out of state, I am assuming this is a second/investment home. What happens when you sell an investment property "short," is that the difference between what you owe on the house and what the house is sold for becomes an income item on your returns and you will have to pay tax on the amount the bank(s) are not collecting.
If you wish to discuss further, feel free to write or call. Gail@GailGladstone.com 631-425-6150