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options when moving out of state

We are currently underwater on our 2/2 condo and have no equity in the home (purchased in 2007 for $218,000, recently units in our complex have been lucky to sell for $65,000).
We are planning to relocate to another state soon and are wondering what are best option is - if we try to rent out the place, we would probably only get enough in rent to cover half the mortgage.  We have never been behind on our payments, so I'm not sure if the mortgage holder would agree to a short sale, but it seems ludicrous to keep throwing money at a property we won't be living in anymore, especially when the value isn't going to go up anytime soon.
  • August 07 2012 - Sacramento
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Answers (2)

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Originally it was Bank of America, then they sold the mortgage to Green Tree.
  • August 07 2012
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The lender will most likely want to see a hardship before granting your short sale, unless of course you qualify to receive cash for doing a short sale. Who is your lender?
  • August 07 2012
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