There are several things you can try; You can try to apply for a modification to reduce your mortgage payment. Sometimes, you may even be able to negotiate a principle reduction. However, both of these are very difficult. Another action you can try is to do is apply for a program called "Illinois' hardest hit" this program gifts money for a reduction in principle. Once again, a difficult process. Lastly, you ca do a short sale without missing payments and may be able to negotiate a settled loss amount and no direct hit to your credit. In some cases the bank will do a promissory note for some or all of the difference. I know that all of these sound daunting but they are the options. I hope this helps, feel free to contact me if you need more answers or details.
One thing is for sure that you should keep in mind, regardless of how the market is playing out, you paid what you paid. You're not stupid for buying at that price nor are you stupid for keeping it. We have had the luxury over the years of not losing very often in real estate so it is not something to feel bad or quilty about. For example when you buy a car, any electronic, RV, or many other items, including collectibles, one knows that they bought them because they liked them and were going to use them not because there is some guarantee that they will not lose value or that they will get there money back. It is the exact same thing with a house. Sometimes you get money back but not always.