Before you foreclose make sure to explore all options, e.g. short sales.
Best of luck to you!
I know many people that own multiple properties and have lost some of them to the banks and have never heard of the bank going after their other assets. I know in bankruptcy they allow you to keep your primary residence. The bank can go after your other assets but rarely do they do that.
Contact me for a free consultation I can help your husband sell the investment property. I work with a lot of investors.