Sounds like the boat I am in... I just plan to stick it out until I get the mortgage down to the value of the house, and then consider my options at that point.
Your attitude is wise - I very much wish you luck - and also the family in this article.
I disagree with many commentators on this thread. If there is a burst of monetary inflation - history says this is likely - then all of a sudden your debts are worth much less and your property value is more secure. So who knows what the future holds?
People who are walking away now, might regret it in two years, just as much as the people who bought during the boom.