I'm sorry that you are in a situation where your home is no longer affordable to you. Many in Apopka, where I happen to live and work, are in a similar situation. If you would like to continue living in your townhome, your first step would be to attempt to work with your lender to seek a loan modification. Lenders will sometimes make adjustments to some of the terms of your loan in order to keep you from having to short sell or be foreclosed upon. If that doesn't work, or if you simply do not want to modify your loan, then a short sale is probably your next best option. In a short sale, the bank is allowing you to sell the home for less than it is worth. I work with a great company who handles the negotiations for us, and has a great success rate with them as well. Please feel free to contact me if you have any further questions. I'm right around the corner!
I wish you all the best with any decision you make.