Foreclosure question.. What to do>?

We bought a house 8 years ago in a no-so-good- neighborhood for 60,000. We have a fha loan. We still owe 58,000 on it. Our daughter is gonna be old enough to goto school and we can't have her living in this neighborhood. We bought it uming we could sell it before she went to school. With the market now, it's only worth 15,000. What are our options? We are on time with our mortgages. Should we leave the house? Are foreclosures ok? Is there any options? Is there a way to lower our mortgages? We refinanced a few months ago and it only took 60 dollars a month off. Any help would be appreciated as we are very tight on money and wish to leave oue are. Thanks