stashingcash

My instinct is to stash cash.
Identical house to mine in neighborhood on market for 489k- short sale.
Son leaving for college in the fall.
Not desperate but when is it time to stop the bleeding of my cash

• Mortgage is 511k - monthly 4k - 7% 30 yr fixed. Paid 566k Appraised at 592k but who cares? It is only worth what someone will pay.

• No 401k left and no investments left
• Savings 7k
• 2 cars 53k owed and 30k in credit card debt
• 1 son
• No health/life insurance
• Self-employed not dependable income- 2 yrs in business for myself . 20k monthly to July 1 contract that could cancel anytime with budget cuts in tech sector.
• owe 30k taxes

So do I just hedge my bets and stop making the payments on the house until I send my son to college? Catch up once every few months to restart any foreclosure processes?
I know I will never get my money back that I put down and I never meant to stay longer than 5 years. Am in house 4 yrs now.
The cash I am putting into this house I will never get back.