The short answer to your question is that, yes, your credit score will take a hit. How much of a hit is another question. That will be determined by TransUnion, Experian, and EquiFax, each with their own determinations. The only thing that is certain is that the impact will be reported for two to three years and should then be removed. Of your various alternatives, the short sale provides the shortest time period (2 to 3 years). The others show on your credit for longer periods.
If you are using an agent to assist you with the short sale, s/he should have already provided you with this information as well as suggesting that you consult with a tax practitioner and/or a real estate attorney for advice on the consequences to the various alternatives.
If you are not using an agent, I would highly recommend that you quickly acquire the services of one. Short sales are complicated, detailed, frustrating, and time consuming. For someone who does not know anything about short sales, the consequences can be disasterous at best.
For the obligatory plug, my wife and I are both certified as Short Sale and Foreclosure Resources (SFR) by the National Association of Realtors (NAR). We would welcome the opportunity to meet with both you and your husband to discuss your situation and how we can assist you.