So you need your house to gain back $110K in value from today plus $10K a year for every year you rent it to make up the negative cash rental.
(Call your mortage payment tax deductable rent while you were living there to take that out of the equation.)
Best case scenario you sell in 5 years for $300K to break even. Maybe $350K in 10 years or $400K in 15 years. Or maybe you are OK with losing the first $50K but it will still take years for the value to come up to $200K.
But I am sure you could use that $800/month for something more usefull during that time frame.
I don't think a lot of people have the monthly budget or the means to do the right thing and keep making payments.
Many many people have yet to default that will have to default. You are actually smarter than most. And many people just took whatever loan the bank would give them. And they gave crazy loans to anybody that asked.
I think that the entire housing market may have to be reset.
There are three ways to cover negative equity or negative cash flow (which are not the same thing):
The borrower pays the difference, the bank writes off the loss (after foreclosure), the govt steps in (the paying borrower pays twice in this case)