You may have options. Depending on a few things.
Do you still have income?
If your loan were reduced to the current market value at a fixed rate could you afford the payment?
If your first loan more than 31% of your gross income?
If you prefer to stay in your home than you have to put time and effort into it but lenders are doing loan mods, reducing interest to 2%.
I am happy to talk to you about how to fill out your loan mod paperwork.
Some realtors dont do loan mods because it does require a lot of time negotiating with the bank.
Loan Modification, Principal Reduction
Short Sale, Debt Negotiation