Welcome to the club :-)
I lived in Abq. for a couple years. I liked it for the most part. I lived there without a car btw. I know a lot of people say you "need" a car in that city. But I had an apartment right by a rapid-ride stop. I found I could get anywhere I wanted to go pretty quickly. And as a student I could get a monthly bus pass for $12.
I moved out just as they were talking about putting in a light-rail line from downtown to the airport. I remember everyone so enthusiastic about it, how they'll be able to leave their car at home and what a boon it was going to be. Thing was, there was already a bus route along that same line where the light rail would go. And it was actually faster than the proposed train would have been. So the service they were all so looking forward to using already existed and they didn't even use it!
But I guess a bus isn't as hip as a train...
I concur that a short sale or bankruptcy might be an ok idea. I don't know too too much about either, but if your income is fairly high and you've been keeping up with payments, I know there is an "ability to pay" test that comes in with bankruptcy, which means you might not qualify if your debts are manageable with your income. Maybe that's not a very frequently used test though in the real world, perhaps there's someone on the board with some bankruptcy experience who knows how closely they look at ability to pay.