The way you ask the question, I am inferring that you are upside-down;
but I detect that you do not have a HARDSHIP:
You are just Upside-Down, and you don't like it.
1. Shortsale; if you are not in a Hardship situation, your Bank probably will not let you do a shortsale.
2. Foreclosure; you will have to stop makking payments to get your bank's attention: It seems that the bank won't talk to you unless you are behind. You will ruin your credit for probably three years.
3. Deed-in-lieu; is a process where you hand them the Deed and walk away. Oregon is a Non-Recourse state, so you can probaly do this.
4. Modification; this has only worked for about 10% of the people who have tried for it. You can ask the Bank to reduce the Interest Rate, Forebear payments to the back of the Loan, or forgive some of the Principle. (Good luck on gettingsome of the Principle!)
5. Rent it out or just grin and bear it until the market recovers.
Good luck and may God bless