I know this sound crazy.....

I would sell the house and take lost, that 200k lost you not going to recover anytime soon, and the new area you moving to, I am sure the price had came down at least the same ratio, so you not technically lost anything..

if you rent it out, you lost 30k+ a year, how long can you afford to do so? plus all the headaches you will face as a landlord.

another option, may sound crazy, have you consider cash out the equity, buy a new house, and let the old one go bad? when you past 90 days late, you may even qualify for a loan modification or principle reduction. I know your credit will take a plunge, but after a few years, it will come back.