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Does this mortgage have both names on it? How much do you each make? Would it be possible to stop paying the mortgage and reside in the house for 18 months while saving up all your cash in unreachable accounts? Then when the foreclosure did go through the other person would still have good credit and could get a mortgage at a good rate while prices are still excellent. I'm not saying that this is moral, but some people might have success doing it.
IMO, your variable rate should be fairly low right now. Therefore, you should be able to make the payments now unless your income dropped. If you have the same income as before, you don't have a moral foundation for walking away from the decision to pay too much for a property in 2005.
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