First step in a potential crisis is not to panic. Many mistakes are made from over reaction, so take a few minutes and understand your situation, your options and don't jump too soon.
Let's say the worst happens, what are your other options for employment? Let's say you do sell, where are you going to live then? Since you'll need a place to live and need a job, maybe staying put, finding another job, even a temporary one may be a better option then selling.
Selling at a break even will mean you put more than the minimum down or your market is rapidly appreciating. If you put 20% down, you could sell for what you paid, more or less and walk away with some money, but you'll have lost most of your down payment and closing costs.
I don't know the cost of selling in your area, so you'll need to have a local agent give you an up to day market analysis and Net Proceeds worksheet to show you what will be left over after you pay off your mortgage and expenses.
Before you do this however, lets consider all other options; including not getting laid off, getting another job, living off savings for a short time or taking on a roommate or two to assist with expenses. Best of luck.
If you are in need of selling I would be happy to go over all the number with you to see if it would be wise to sell or renting out. Our company is hear to help and we do not want to force you to make a decision that would lead you into a debt situation.
River Valley Real Estate