You need to talk to a lawyer- should be able to get a consult for 50 bucks, or free (I do foreclosure consults for free), or go through Legal Aid in your community. Make sure its a real estate attorney.
Too many unanswered questions in your post to give legal advice, but given your age, your prospects, and the fact that its only worth half of what you paid, you probably should walk.
Is it a judicial (lawsuit) foreclosure, or a non-judicial (just paperwork posted on the door)? If its non-judicial, they get the house, and nothing else. If its judicial, they can come after you for a deficiency judgment, which you would have to wipe out in a bankruptcy. Many in your position resist bankruptcy because it will ruin your credit. The bad news is, because of the delinquencies, your credit is already shot, and bankruptcy probably wouldn't have much further effect.
Several posters indicate you would have to pay income tax on debt foregiveness. Generally not true- 2009 statute made an exception for owner- occupied residences. There's always been an exception if you're insolvent (which you probably are, if you're underwater on your house), in banktruptcy, etc.
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