We hope that your thoughts about the market ever recovering for your condo is incorrect. Patience might be rewarded.

Failing that, your choices are 1) to work out a short sale deal with your lender, 2) renegotiate your mortgage, or to 3) stop making mortgage payments and walk away when they foreclose.

All three leave you with no equity, so you will be in a rental for a while. Walking away allows you to accumulate a down payment for your next place, but you may need special efforts to rebuild your credit rating.

No easy choices.