24% down implies that you took a loan of about 517K.
On a 30-year fixed over 3 years the principal should be about 500K now.
You are only underwater by about 80k. No matter what you do, the down payment is currently lost. Some might suggest that you walk away, but the “benefit” (80K) of short sale or deed-in-lieu may not be worth it in my opinion.

A couple of pieces of information that I would use to judge your situation objectively :
1. What would the house rent for ?
2. What area/neighborhood ?

Given answers to these two questions would give us a feel for the downside and upside potential.