If your loan is with Bank of America, you may qualify for their enhanced relocation assistance pilot program being tested for Florida homeowners who are upside down and qualify for a short sale. The pilot program only runs thru November 30th so you may want to call them at 877-459-2852. FHA, Ginnie Mae, USDA and VA loans are not eligible. We just received information on this from BOA and have been advised to get the word out.
Let us know if we can assist further,
RE/MAX Coastal Real Estate
Rents have risen because of supply and demand. You might want to make sure you are getting the best price. This might eliminate your negative cash flow into the property.
Unfortunately, the units are selling between 55,000 & 65,000. If you qualify for a hardship, it may be possible to sell the unit as a short sale. I hate to tell you it would be very difficult to expect to sell the unit for $105,000 plus closing cost.
Contact your mortgage company and ask if you can modify your loan. This may reduce your payment to where it is more in line with the rent you receive.
If you have questions, I certainly will be glad to discuss options with you.