I am looking for some advice from anyone who has knowledge or experience with short sale of property and actively seeking employment.

I got out of the military last month and actively seeking employment. I'm initiating the short sale process for a rental property I've owned since 2006. The property is upside down in its value;I owe $115K more than the property is worth. Even with a renter, I'm still out of pocket $850 a month. ARM adjusted last summer and my payment increased 110%. I've had to tap out most of my saving and max out credit cards to keep up. I can't refi/sell due to depreciated value. My primary residence and other debts are all current. So is this property, but unless I let is go delinquent the bank may not approve me for any mortgage assistance program. So in order to get approval, I have to scar my good credit. I have a security clearance also.

Would like advice on whether or not I will still be employable if I let my property go into default? How does a potential employer view this situation?

Thanks for your time and response.