You probably cannot convince your Lender that you have a HARDSHIP.
Wisconsin is a RECOURSE state, meaning that they can, and probably will come after you for the Deficiency.
You will probably lose LESS by sticking with it.
Not counting what it will do to your Credit.
The good news, is that the IRS will not be coming after you for the paper-windfall.
This is something you will have to decide for yourself.
Good luck and may God bless
The condo market will not be turning around anytime soon to show any significant appreciation in value. Since it is difficult to find suitable tenants in your area then you might wish to absorb your losses and sell now.
I suggest that you contact a real estate agent in your locale so that he can discuss a comparative market analysis of recently sold condos in your neighborhood that are similar to yours to determine what the current value is. This may help in your decision making.
Best of luck to you!
Prudential Connecticut Realty
It depends on your financial situation. If the underwater condo is creating a hardship on your family you may want to consider a short sale. I do agree it could be years before the market turns and you are able to break even. Good Luck!