Talk to your lender and see if they would agree to a loan modification.
If not start with a short sale process.
But do talk to a CPA and an attorney.
If you would like to discuss this as a possibility further, please contact me direct at Derek@DoorToDreams.com, or through my Trulia profile. You can also visit the website below or call me at 248.820.7222 ext. 3
Hope that helps and wishing you well if we don't hear from you.
But, if you are in a position where you need to sell or you are having trouble paying your mortgage, you have a few options. Your may first want to try for a loan modification with your bank. If you need to sell, you may also be a candidate for a short sale. To do either of these, most banks will provide you show hardship and documention such as bank statements, tax returns, etc. Contact a good real estate attorney or your tax advisor for more information.