What are my options on this situation?

If you can keep up the payments and not default, try selling. It's your only way out short of coming into a windfall profit. Or...I don't know how much your payment are but maybe you could rent it out for the payment + a little more and move yourself into a cheap apartment that you can afford...OR get a roomy you trust and charge him/her some bucks for living there + part of lights, etc. GET A CONTRACT IF YOU RENT IT OUT OR GET A ROOMY!!!!!!!!