Help!! Ex Wife not making payments,runing credit, and bank is threatening forclosure!

[Zeb1]

What is the name of your state? Georgia
Any advice is greatly appreciated! Here is the situation, my ex wife and I have been divorced for 3 years, but both of our names are on the mortgage of the home she lives in...
In the divorce decree, in states that if she stops payments on the house, and it goes into foreclosure, then it is to be turned over to me..
Well, I have found out that she has missed 5 payments, and just recently made a payment...because she worked something out with the mortgage co. I think she will not be able to pay as she is unemployed, and would rather spend (child support etc..)money on other things besides bills...
The house was purchased for 110,00 4 years ago, and 106,000 is still owed, so not much equity... not sure what it would appraise for , but the tax assesment is only 110,000 so I wouldn't make much if any profit if I had to take it over and sell it
My questions are...
1.Will I have to stop the house from going into foreclosure BEFORE it does? Or since she is responsible for payment, can I negotiate with the bank once it has been foreclosed...?
2. I am assuming it is better to take over the property and try and sell, even though I may lose money...?
3. Or is it better to just let the house go into foreclosure and declare bankruptcy, since it is worth little or nothing, or worse I will end up owing on it. The only thing I have on my own is some land, which I dont live on, so can the bank sue me for money if I go bankrupt?
4. If I do take over the payments and try to sell the house, what do I need to do to get her out? How long should it take to make her move out, as I am sure she will stay as long as she possibly can! And I will ned to sell ASAP
5. Can anything be done about my credit, which is now bad, since she stopped making payments?

Thanks for any help!