Well this is a truly undesirable situation. In case of the worst situation you will have to fork the difference between the sale price and the value of the mortgage. That difference is called a shortfall, and it means exactly that.
All lenders will be very aggressive about getting their shortfall and will put a lot of pressure on you. This is mainly due to the fact that the shortfall is actually an unsecured debt. So the lenders are even more diligent about getting their money as soon as possible. The good news is that all the rules that apply to unsecured debts are also applied to the amount of money represented by the shortfall.
If you decide to sell your house do some basic maintenance on it to increase its value. Do your best to get as much money as you can on it. If you succeed to get more money than the mortgage you get to keep it. A simple cheap thing you can do is put a new layer of paint o your home and inside it. Make it look as valuable as possible.
You should also check the market and not sell your house when the market is going down. Wait for it to rise again if you can. It always does and it might prove to be even a money making opportunity.
In case your house becomes repossessed, usually the mortgage lenders will ask the court to issue a judgment regarding the shortfall during the possession hearing. This means that you aren't off the hook and that you will have to pay the sum of money eventually. The court will look at your case and decide which form of repayment will be applied to the shortfall. The court will either issue an installment order, an attachment of earnings or a bailiff action.
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