This answer may not make you happy, and I do not mean to offend you.
There are people who NEED help. Death of a spouse, cancer, medical issues, divorce, etc. These people are dealing with forces beyond their control,, and they need help with loan modifications, short sales, etc.
I see many posts like yours 'Our home's value has declined, we have a zero down loan, i want out". I do not know more than your post, so just based on that here is my two cents:
First, you made a promise to the people that loaned you the money to pay them back. Are you a person of your word? Are you a couple of integrity>? What would happen if you were the investor that bought the loan? What if your asset manager called you and and explained your story to them? How would you feel taking a 30% - 50% hit on the investment you made? What would you think of the people that signed loan docs. promising to pay you back?
Second, what options do you have?
Get a side job, earn enough income to meet your obligation.
Rent it out, then you go find a place to rent...yes, you'll be negative but that's the way it goes.
Get a room mate to help make up the difference.
You could try for a short sale, although I would not help you nor refer you to anyone.
That will ding your credit score 80 - 120 points.
Let it go into foreclosure - 150-200+ points
While you are at it, just declare bankruptcy, that's 7 years before you can get a loan on anything.
Nancy, I am sorry to so direct. There are people that are really in trouble. I encourage you to do the right thing. We need people to value honor, integrity, and their word.
I am a Rotarian. We have the Four Way Test that we apply to questions like yours:
Of the things we think, say, or do:
First - Is it the truth?
Second - is it fair to call concerned?
Three - Will it build goodwill and better friendships?
Fourth - Will it be beneficial to all concerned?
Good luck. One more question - what would you say if you kids asked you what you posted?