You are in the same boat as most of the other Florida home owners who saw their values melt away as Wall Street mortgage backed securities went bust, the real estate based US economy tanked and the financial institutions got bail out funds without paying it forward.
Here are some thoughts:
1) If your payment is what you would pay for rent if you moved, take your time with deciding what you do.
2) If you could lower your overhead by getting out from under, decide what your next lily pad will be before you jump.
3) Loan Mods are nominal and will probably not reduce your principal. if you are OK with a little less of a payment every month, check it out.
4) With financial hardship provable, a short sale is available. They take a long time.
5) If you stop making payments, a foreclosure can take a year or more right now.
I do not have enough info here to point you in a definite direction. Remember, its hard to get out with your credit rating intact on a lot of these options. Also the specter of deficienciy judgments is raising its ugly head.
Feel free to open a dialogue with me.
Charles Patterson, pres.