My company offers a unique program designed to take your "upside down" loan and turn it "right-side-up" again! You don't have to be behind on your payments so your credit can stay intact. We buy your existing note from your bank and issue you a new loan with an equity position of between 7 and 25%! Your name never comes off title - Ours never goes on title! Your new loan we be equal to somewhere between 75-93% (depending on what we're able to purchase the note from your bank for) of the homes current market value. Best of all - the program is guaranteed 100%!

For example:
* Exisiting Loan = $500,000
* Current Value = $300,000
* Your New Loan = $279,000 (Worst Case Scenario @ 93%)
* Your Prin. reduction = $221,000
* Your Equity = $21,000
* Old Payment = $3,333
* New Payment = $1,846 (interest only @ 8% (worst case scenario is 8% cap)
* Monthly savings = $1,487
* Annual savings = $17,844

Call me for more info or to schedule a detailed and short webinar @ 916-473-8587 ask for Kevin Cain, GMPR INVESTMENTS

There are many options however without fully knowing your mortgage situation in entirety it is difficult to pinpoint if any of these options are perfect for your needs. I would suggest checking out the website I have referenced below and consider these options as well.
My gut instinct says, try to sell your home at the best price possible and down size but, that's in accordance to your credit standing...If you have good enough credit, you can sell the home that's under water and use the proceeds and a new loan to buy a smaller and more affordable property at a lower interest rate.
You might also try renting the home or at least a room and a bathroom out to a student or someone looking for affordable housing. This might help gain you the needed income to meet the mortgage and can gain you tax advantages with being able to write off rental expenses.
Sometime you can force the short sale process but it is dependent upon what your bank is willing to do, I would suggest having someone like a Realtor check out the short sale approach and see if your other assets would (actually) be jeopardized.
In these situations no one wins, not you or the bank. Perhaps there is a way you can get healthy with credit, debt etc. in five years so you have more options. You might seek consumer credit counseling.
Good Luck