I can no longer afford condo payments, what are my options?

First of all, have you tried renting it?  If not, that may buy you some time until the market comes back a bit and relieve you of most out-of-pocket expenses; possibly you could even recoup all/some of the money you have already spent.

Also, when you say that the condo is for sale, at what price? Have you spoken to the mortgage holder about a "short sale".  That is selling the unit for less than what is owed on the mortgage?  They may agree to this and release you from any further liability.  Also, you could try a "deed in lieu of foreclosure" whereby you deed the property back to the lender; however, in this economy, many lenders simple don't want the real estate.  Finally, there is foreclosure.  Since the mortgage is not in your name (I don't believe), it would not show up on your credit report.  But even if the mortgage was also put into your name, along with the deed, while it would show up on your credit you would at least you will be out from under any further expenses.

However, all of the above do carry various other financial/tax consequences.  What you should do next is to consult with an attorney or financial adviser in the area where he property is located.  They can best advise you further .