You do have some options: two of which would be a short sale or a bankruptcy. There are some rules on property regarding bankruptcy that may be beneficial to you. You should get in contact with a qualified bankruptcy attorney to determine the best route to proceed as these issues are complicated and cannot be effectively answered on this board.
Nothing in this communication should be considered legal advice. Nor should this communication lead you to believe that an attorney-client relationship has been created. Only after thorough analysis of your case with you in my office can I provide effective legal advice on your specific issue.