This is not an endorsement. I do find Moe Bedards' Loan Safe.org site to be very interesting reading.
One thing you might want to consider is the FHA refinance program, which goes into affect on October 1. If your lender is willing to allow a discounted payoff, you may be able to refinance your home for 90% of its value -- present market value, not what you paid for it, providing you fit the profile. Jim Wasserman of the Sacramento Bee wrote an interesting article about it this morning in today's paper.
You can google "short sales" to get more information, too.
I do not do this directly but I have some clients that were surprisingly successful recently with someone I know. Please contact me through my website or email alex(at)alexamaro.com.