Foreclosure

[mattie]

I purchased a home with a woman that I was in a serious relationship. We got the mortgage, for a home already in foreclosure, using both our credit. As you can guess, it has not worked out and we want out of the mortgage as neither one of us can afford the payments on our own. We have owned the home for under a year and have minimal investment in it. We cannot sell it as we would lose money (other homes in same neighborhood are selling for far cheaper and are much nicer). What are my options? Would it be better to let it go back to the bank and foreclosure and what would that cost me as far as lost or bad credit? Is asking the mortgage company to reduce the interest rate (from 6.5%) a viable option?