OVERMORTGAGED,HOUSE WON'T SELL-BANKRUPTCY OR FORECLOSE?

we bought a double wide on about an acre of land 5 1/2 years ago. (big mistake!) we were young and got way in over our head. we paid exactly what the place appraised at and found as time went on the place was basically falling apart. we have poured our heart, energy & money fixing the place. you name it, we've fixed it. we took out a home equity loan about 3 1/2 years ago thinking we were doing the right thing so we could make the major necessary repairs and resell. we have had the place on the market for almost 2 years, with 7 contracts that have fallen through. we have tried with a realtor, and for sale by owner. we are beyond frustrated. we have been told by 4 realtors that we are way over mortgaged, and won't be able to sell the home for what we have in it. but, we can't sell the home at a loss because the bank won't transfer the deed to the new owners without the full loan being satisfied. we have had excellent credit in the past, but over the last 3-4 years we have been so overextended and tried our best to keep our head above water with no avail. we had a meeting with a very reputable realtor who basically told us that we overpaid 5 1/2 years ago by roughly 12,000 dollars. she doesn't know how the place appraised at what it did back then, not counting the improvements we have made. in a nutshell, we owe between the first & second mortgage $52,000, and she says we can sell it for about $35,000. she suggested that we give the house back to the bank and walk away and rent for a couple years, and try to buy again. we have learned the hardest lesson but we realize we will pay an ultimate price if we file bankruptcy. at this point, it seems the only way. we are terribly unhappy here and the neighborhood is deteriating rapidly so we really need to move. we are consulting an attorney but can't get in for 2 weeks. any advice you have is helpful.