There are loan programs which may allow you to refinance at a current rate ignoring LTV. Contact a local mortgage broker and discuss your situation. Once you are refinanced at a decent rate, you'll be in a position to consider if you can keep this unit as a rental until the market returns and then sell while you buy or even rent somewhere else.
I am a Realtor that lives in Bainbridge. I am very familiar with the Aurora market.
Couple of things here.
One suggestion would be that you explore a loan modification program with your lender. There are some wonderful programs that are available if your lender is participating. There may be some changes in the rate or even loan forgiveness that can avaialble to you.
Be careful of anyone that suggests "strategic default". That may become fraudulent.
A short sale may also be an option, if your situation has changed tocreate a hardship since you initially purchased your condo.
If you would like to contact me at 440-487-2193 or email me at john@CallRealtorJohn.com, I would be happy to run some numbers on your home and see what kind of a number you could realistically assess the current situation to see where you are.
I look forward to your call.
Certified Distressed Property Expert (CDPE)
RE/MAX Premiere Properties
Sad though, 2 income household, approx gross income 127k, 4 dependents under 14yrs. and we're stuck in a ridiculous underwater ARM at 10.250..yep, we're living and learning.. : )
Keller Williams Realty
I am with coldwell banker hunter realty