Your best bet will be to short sale your home. There are promises of mediation/principle reduction and so on but they never come about. If you short sale you will not be paying any of the past payments. Even though your wife is the only name since you are married your income is considered. In a short sale the note holder wants to know you have hardship and it sounds like you do since only one has been working.
If you would like some help I would be more than happy to talk with you and see what we can do to help you out.
Please feel free to give me a call or email 702-727-7444 or email@example.com
All my best!... more