You have several options available to you. You can try a modification on your loan if you want to stay in the house. You can try a short sale or you can become a landlord and lease the home. I've assisted many clients in the same situation you're facing. If you would like the assistance of an agent experienced in short sales I would be happy to help.
Have a Good Evening!!
Karen Paytas, GRI, CMS
Real Living Kee Realty
You didn't mention how much your monthly Vig is; Possibly $700, maybe less?
What could you find that is comparable to rent for that same amount per month?
That is what I thought:
How about considering your DECISION and OBLIGATION is simply your RENT;
eventually, you will be at zero. And you will still have your Credit!
But then, what do I know?
Good luck and may God bless