If I were you, then I'd contact several of those "We Buy Houses" companies immediately to negotiate a sale (that might even leave you with some cash after closing--provided you don''t have to do a short sale).
It seems that you may have some equity, being that you put down 45% when you bought it. I know that values and sales prices were very high in 2005 compared to the current situation.
A short-sale will not allow you to get any money from the sale. Perhaps, if there are not many units for sale in your building you could get out with a profit...
I would recomend try two things at the same time. First , try hard to get a new job so you have some income. You are going to have to do this any way. You may also look at getting room mates to assist in with the mortgage payment. The mod programs have changed and should be considered again if you get a job. Look at makingaffordablehomes.com to see if you could potentially qualify for a mod now. It will depend on the investor of your loan and bank servicing your loan. Having a job will allow you to review banktructy options to if your attorney suggests that.
The other thing I would do is investigate a possible short sale with a realtor in your area that has experience do short sales. Also check the credit score issues tied to bankruptcy, foreclosure and short sale. Look up fannie mae underwriting quidelines on the internet to give you a better understanding of potential credit issues.
Before paying anyone for help make sure you understand what you are getting. I have a customer that paid $2000 for mod assistance and did not get what was needed or expected. That customer has now come to me for assistance.
Wish you the best!
First Weber Group Realtor
CDPE and Home Retension Specialist
Go to CDPE.com and find the "Find a CDPE" area on the right. Anyone who comes up for your area will have training from one of the best programs out there, which was actually developed down in Florida.
Getting face to face with one of those folks is the best advice I can give you. They will be able to help you cater your actions to your specific circumstances. You will need to be ready to share a lot of personal financial information, but it will be worth it in the long run.