Here is what I recommend: Rent the home with a lease, and use the shortfall as a Loss on your income taxes. You will also be able to write off the depreciation on the house, starting with the year you start to use it as a rental. Keep track of any costs associated with it as a rental house: your mortgage, interest, taxes, insurance, maintenance, advertising, etc. Then keep track of the rent you get. Keep track of the bills and then write off the bills if you will be paying utilities like water, once it turns into a rental.

You might be able to have a decent write off and save on taxes making the $600. shortfall actually less, plus at the same time building equity hopefully in the future, and if the market goes back up, who knows maybe even get a profit?

As time goes by, rents go up. You might be able to charge $50. a month more in rent amount, next year and so forth, until the time which you can sell the house for what you owe.
References :

put out hidden cams where the druggies congregate or other illegal activities occur and
give the tapes to the police. soon, that neighborhood will be clean again.

baddies never do stuff if they feel they can be caught.
remove their security
References :
RE broker

Aside from the credit issue, you’re also losing all the equity you have built up in that townhouse. If you try and rent it (even at a loss) for 4-5 years until the market fully turns around, and then sell – you would at least reap some of the benefits of what you have paid into it. (assuming that your area will appreciate of course, and that it’s not getting worse like Detroit).

If you don’t want to rent, and just want to be done with the house, you might want to consider a short sale, which is just selling it, and asking your lender if they’d be willing to take a loss on it when you can’t repay the full amount from the sale.

Another option is "deeds in lieu of foreclosure", which is when you get some extra time, and just hand over the house to the lender, instead of being evicted, and then you’re free from having to pay it back.

Keep in mind, some foreclosures, short sales, and deeds in lieu of foreclosure actually want the borrower to still pay the difference, so be sure to check your facts – that your lender won’t still make you pay the difference if you choose to just foreclose or short sale.

See the sources section, I’ve added an article on ways to avoid foreclosure. Hope this helps, and I can definitely understand you’re in a difficult position.
References :
http://www.quickenloans.com/mortgage-news/3-ways-avoid-foreclosure