I don't know what to do about a bad investment and my son's future?

you knew the payments would be this high when you bought the unit. the simple fact is that you agreed that the price you paid was fair for what you got. don't go around complaining now that it turns out that you could have saved a few dollars if you had waited a year.

and if you didn't want to live in that location, you never should have bought there in the first place. i find it difficult to believe that the entire demographics of your area changed so suddenly.

why not just sell the condo, take the loss, and move somewhere else? if nothing else, at least rent your new apartment before you actually fall behind in your payments on your condo - the shock to your credit score will be serious, and you might not qualify for an apartment with a low score.

I think you should get a post office address first so you've got an alternative mailing address when you move out.

Try renting the apartment first to avoid a bad credit rating and selling it near the bottom of the market. The economy will boom again and you'll get a better price it you sell it in a few years from now. Some of the expenses like loan interest might be claimable off your tax once your making rental income. Check this on the internet or with a tax accountant.

Try and find share accommodation to cut down the rent when you move out to cut down the rental bill and share living expenses. Think of it as a temporary move for a few years until things improve.

You could let it go into foreclosure and deal with the bad credit; try to get the bank to do a short sale (sell it for less than what you owe and get you off the hook), or just sell it for a loss and pay the bank the difference. It doesn't sound like a bank would let you do a short sale but you could ask anyway and hope they do. Your best bet otherwise is to let it go into foreclosure because you will be stuck there for at least 30 years trying to break even and you don't like it there. Consider renting it out for a loss also.

Condo's are the worst investment at market peaks because they will drop the furthest, so expect your price to drop even more, like 10% of it's original value. Be forewarn, don't wait much longer to make a decision.

Banks make deals on what they refer to as "distressed assets." Unfortunately, in most cases they are only working with people who are passed due rather than paying customers who's accounts are current. But you should call the bank first. Find out if there is anything they can do for you. Then evaluate your credit needs. Are there other forms of credit you need in the near future? If not, miss a payment and call them back. You may get help faster than you thought possible.