You have several options, depending on your finantial situation.
1 - Sell at a loss and come out of pocket with the difference.
2 - Sell as a Short Sale and the lenders take the loss (You must have a verifiable hardship)
3 - Keep the home till it appreciates to the loan balance
4 - Get a loan modification from Hope Now - http://www.hopenow.com/ HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance.
5 - Let the home go into Foreclosure
6 - Rent it out.