Need Foreclosure help

I purchased with my wife a piece of land for $185K on a golf course. Recently have been having troubles making payments due to extra child which we did not factor in at the time of purchase. Also, just found out that the company; who just spend millions building up golf course and club house, is foreclosing. I have a 5 year arm at 7.25 and do not know if my wife is going to have a job in the next year or so. We are both military. I am active and she is reservist on active orders. So we both get good paychecks but like I said....we are having a tough time making payments now. Should I consider a foreclosure? I tried to sell it for the last year but no luck. Any options? Oh, yeah.....about the bank. BB&T is my lender. I tried to get a lower interest rate but land interest rates are moving slower than residential. Any suggestions??????