Note; If you try renting it out, and your Lender finds out, they can (probably) immediately call in the loan, (or some such punishment).
A lot of people have been in your situation over the last three years; there is no easy way out, no soft landing.
The best suggestion I can give; if you afford your monthly vig, stick with it for another year or two:
The consequences of a Shortsale or Foreclosure is probably more than you will lose by paying on a dead horse.
A Shortsale would be second best; talk to your Realtor and the Loss Mitigation department to your Lender.
Good luck and may God bless