Basically, you have just been paying rent.
Advice? Keep paying your debt.......or, although it doesn't sound that way, if you have a genuine hardship - speak with someone who can guide you through a possible short sale.
I would suggest to have a RE professional do a market analysis on your current condo and find out what is truly worth, also ask for going rents in the area. If it is possible to keep the condo, rent it until prices rise a bit, and transition to a new home that would be ideal - as long as you are willing to be a landlord. It is not for everyone! Also, it may or may not be possible depending on what kind of program you are planning to use for your new home purchase. I was in a similar situation last year and ultimately decided to keep my current home and rent it, and we bought a new home. It was tight, but manageable. We now call that house our "college tuition home" as we plan to keep it until our kids are college bound! Just in this past month I have met with two others in this situation as well. One has decided to list at a price barely avoiding short sale, and the second is holding out a bit longer! Feel free to email me your condo address and I can take a quick look and have a candid conversation with you regarding the current situation.
Is it possible for you to keep the condo (maybe rent it out) and still qualify for another home? If not, you most likely will not be able to purchase another home. If you still want to sell your condo, you could do a Short Sale but you have to prove financial hardship to your lender for them to approve it. They will not approve a Short Sale just because you owe more than the property is currently worth. Now, if you do a Short Sale, it may be a few years before you can purchase again.
very best regards.