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Advice Needed - Underwater VA Condo in Schaumburg, IL

I purchased a 2 bedroom, 1 bath condo in 60193 with a VA loan in October 2006 for $146k.  I refinanced a few months ago (also a VA loan) into a 3.375% fixed 30 year.  I currently owe $85k on the house, and the only comps I see in the area look to be around $60k.  I bought this condo as a single person; now I'm married and expecting baby #2.  We are desperately trying to get into a larger, single-family home but I'm not sure the best way to do it.  We have excellent credit and good incomes and can afford the type of property we want, but I'm not sure what to do with our condo.  In addition to mortgage and taxes, we have $240 in HOA each month.  Should we continue to pay down our principal until we can sell for what we owe, hoping we can do it fast enough to take advantage of today's mortgage rates and bargain prices, or should we refinance this place into a conventional loan (so I can use my VA entitlement on the new house) and try to rent it out??
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June 19 2013 - Schaumburg
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The good news is you are only $25 in the bucket. When they refinanced they did an appraisal. What was it apprised at? You can list you condo for rent and for sale. If it does not sell, rent it and buy the new home, assuming you make enough to do that. When you pay off to the current value of the property, sell it (or keep it as an income property). That is assuming you can rent there. 
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June 20 2013
 
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