Rent or foreclosed

[Mike Wang]

My situation here is: I have a underwater townhome appraised at $200,000 or less. But I have a mortgage at $280000 to this property. I was unable to refinance the property by the current low rate. the 1st mortgage is 214k at the variable rate. the 2nd position is $58000. I am going to move out from this property to a new property just bought. I am thinking about how to handle the townhome?: rent it out or dummped(short sale or foreclosed)?
can some experts here shed soem light on this?

thanks in advance,