You should contact your current mortgage company and see if they will do a loan modification on your current mortgage. If you are eligible for HARP (you can also check with your current mortgage company to see if you are eligible), they may be able to refinance your home at a lower interest rate and would reduce your payment.
You should also talk with your tax advisor and/or attorney as well. If you are interested in doing a short sale, feel free to contact me at your convenience.
Keller Williams Realty