Ok please read this whole thing as I am really stuck and don't know what to do or at this point who to even ask.

I purchased a home in 2005 in AZ for 375K. I thought i was signing up for a decent mortgage a 3 yr ARM 80/20 300K for the first and 75K for the second which is a line of credit on the house. Looking back this was probably not a good move, but it spilt milk at this point.

I now want to move home, as my roomates have moved away and I am in a large house alone and soon will struggle to make my payments. I am from PA orginally and fiance and family all live there.

Problem is my house will not sell for 375, it will not even appraise for more than 340. I currently have it listed for 329 and still not offers. Great house with many features, just a horrible market.

I have been making all my payments and doing everything i'm supposed to do for 3 yrs but now i am stuck? i am not the type to miss payments so i haven't thus far, but soon my work hours will be a bit less and i want to move, but if my house sells now i woln't even be able to close the deal because i can't pay off the money I owe in difference of the purchase price and mortgage?

I don't think I am a short sale canidate as i am not in any real hardship but I can't live like this any more? Renting isn't really an option as my mortgage is over 2k a month and you can rent similar places for much less than that right now?
I'm not sure renters is a great idea?
I will be losing probably about $1000 a month at least in the difference between my mortgage and the rent? And if i am moving away i will be stuck with a home, in another state, that I now have renters in that I want to try and sell while i still have renters?
I am pretty much willing to byte the bullet as i am sure that one way or another I am going to have too, so I'm just looking for the best way out. Is it a short sale (if i'm a canidate) with a hit on my credit, to lose $1000 a month and hope that the market comes back in a year or two other wise i'll lose more than my shirt, or is it find a personal loan for 75K and sell the house for as much as I can and just pay off the 75K for years and put my future financials in a 75K hole?
I'm soo lost and i'm having a hard time finding someone that is knowledgable enough about everything to ask all of my questions.
I've put off talking to the lender until i can get some good information or advice about what direction to go, because i'm afraid once I open that can of worms I can't close it back up.
Does anyone out there have any advice PLEASE?