all are not good options,

because you will stop paying the lender in both case, your credit will suffer for sure.

What you can do it to talk to your lender about your situation, if you current huse value is far below your purchase value, you can talk them to restructure your mortgage such as lower the principal to current value.

I am not sure you situation, if you lose your job, you have no other option but sell your house, again you can talk to your lender about short sale.

However, please don't stop paying your lender, you signed the contract and you are obligated to pay. Your credibility is more important than anything else in this world. Losing job or income is not a big deal, you can always rebound back. Losing credibility will detroy you for long a while in this country.