The condo market in SE Michigan has been hit hard in the last few years.
You might have to lower your price, but not to the point of the foreclosure. Your agent might want to figure out a way to make any interested purchasers aware of that sale for 140K in the complex, since most buyer's agents will not come up with that one when looking at comps.
Ask your agent where she thinks your condo is going to transact and for an updated market analysis. Price yourself to sell quicker than your competitors in the development.
Yes, if you owe more than you accept, you have to bring money to close if you have it. If you don't you can ask for a short sale.