Chances are that your monthly payment, taxes, hoa, etc. payout each month will be more than you could get if you rented your home. The first thing you should attempt is to talk with your lender and see if there's a possible workout or renegotiation of the terms of your loan. You might also talk to the people at www.makinghomeaffordable.gov to see if they can help. This is a government program so it is not one of the many scams that are out there.
If you must sell your home as a short sale, you will take a hit on your credit but that's better than a foreclosure. I know some people who are buying their next home before they sell the short sale property so they can get a favorable rate before their credit takes a hit, although you do pay more for a second home, typically.
Call your lender and go the website first, see if there are any solutions there, and if you must, talk with an attorney. I can recommend a few if you like.