Upside down in my mortgage, want out!?

Refinanced the house a year ago, appraised value was 319K. Took out a 5/1 I/O Arm at 5.75% and now the home is only worth 210K, (florida market coming off from hyperinflation). I now need to move into a larger home due to our family getting larger. My credit is strong, and have never missed a payment.
Realtors talk about short sales, not applicable to me since I only have one loan. Bankruptcy is not an option, I make to much money, no-one wants to trade up for an overpriced condo. Thought about seller held second side deal and use the funds to offset the hit on the condo. Any suggestions?
Payment is 1300.00 I/O. Cannot get a renter in here for more than $ 1200. Condo fee’s are 300/month and taxes are 300/month. That is a 1900.00/month payment.

I did not put myself into this situation purposly Mrs. Apple. I moved here for work and had to buy high, refinanced to get rid of second loan.

What do you think of this idea? Buy a lot, build a house and have the builder inflate the price by 50,000. He then gives me back the money so I can afford to pay down the difference in my selling and owing price.

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