Should I go forclosure???

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I bought a condo 2 years ago and finaced 100%. My interest was fix for the first 2 years which is due on Sept. I have heard that it will go upward after this period. Recently i have my hours cut at work which equivalent to about 900 dollars less a month. Because of that my mortage is about 80% of my income after tax. I have been using part of my saving to pay the mortgage. I tried to refinace but I can’t unless I have about 35,000 upfront since the value of the condo is depreciate about 25000. They told they let me borrow only
90% loan to value ratio. Even though i have not missed or late payment. But I think I would let it go forclusre. Can anyone tell me the consequences and how should i manage this mess. thanks

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