Also, you may want to consider trying to do a HARP refinance on it. If you are eligible, this may save you money, lower your interest rate, and/or lock in your interest rate (if it's not already). You can read more about it here: http://richardschulman.com/2011/10/25/exciting-changes-to-th and contact your lender for more information too.
Keller Williams Realty
Just happened to be on Trulia tracking the page views on some of my listings. The simple answer is that if you want to sell it, you will have to price at today's market value. If you can't demonstrate a financial hardship, then a short sale is probably out of the question. Giving the deed back to the bank (if they would even allow this) is not a good idea because a voluntary foreclosure is still a foreclosure and it would have great impact on your credit. Renting might be a good option if your association allows this. You would have to be prepared to hold the condo for many years in order for market value to rise significantly. Sometimes it is better to just cut your loss and move on. I'm willing to discuss if you want to get in touch.
Re/Max In The Village Realtors
Oak Park, IL
Unfortunately, it doesn't work that way.
You have three choices:
1.) Tough it out, until the value rises,
2.) Rent it out (if you can),
3.) Do a Deed-in-lieu, with the Lender, in exchange for a letter that says they won't come after you for the Deficiency. (This should probably be done through an Attorney in Illinois,)
Good luck and may God bless