You certainly can ask the bank to lower your interest rate. It's worth a shot. However, if what you're paying is already a decent rate (in the 5%-7% range), it's not too likely the bank will agree.
If you stop making your mortgage payment, you'll no longer have excellent credit. You'll also find that the bank will be reluctant to deal with you. You have no hardship (job loss, death, illness, etc.), you're able to make your payments, but you've just chosen not to. So you'd be playing chicken with the bank--either they modify your loan or they foreclose. I'm not sure you want that.
Let me make another suggestion if you're unsuccessful at getting a loan modification or doing as TJ suggests:
That's right. Nothing.
Just keep paying your mortgage.
Let's say the home is worth $85,000. Now, depending on your interest rate and a number of other factors, you're probably paying off about $2,500 a year right now in principle. That's accelerating, and by about 2016 your debt will be down to $85,000.
I don't know what real estate prices are doing where you are, but what if values go up by a piddling 2% a year? That's about $1,500 a year. So in 4 years your home will be worth about $91,000 (and maybe as much as $96,000). By about 2013, you'll owe approximately $94,000. So, even with just slight appreciation and your regular mortgage paydown (now that you're in year 9 it's actually starting to matter), you'd be at break-even in 3 years.
Meanwhile, you've got a home--a place to live. You've got affordable housing. You've got good credit.
Right now, all you're facing is a paper loss. If you default on your mortgage, you'll be facing real dollars-and-cents consequences.
Hope that helps.