Many home owners are upside down in their mortgage. It's frustrating seeing neighbors sell their home for less. Values have risen since though, so it may be a good time to reevaluate your home's current worth. If you are having a problem paying your mortgage, you can apply for a mortgage modification through your lender. If you can prove that you aren't able to pay your mortgage, they may be able to reduce your interest rate and possibly give you a percentage bonus toward your principal each year for timely payments.
You are asking that some body (tax payers ?) to accept the loss in value for you ? wishful thinking in my opinion but the politically correct answer is: you need to contact (long list here) for mortgage modification. And after spending a big chunk of changes and time then the answer came back is still NO.