Unless you pay it, or file bankruptcy, the mortgage company will file foreclosure. Once that happens, unless you get knowledgable legal help, the end result will be a foreclosure sale, which will then form the basis for a deficiency judgment claim against whichever of you signed the note. If you both signed, that will then give the mortgage company the option of pursuing each of you or whichever of you is an easier target. If the disparity now it about $72,000, by the time the foreclsure is over and they add all the fees and advances and interest, and taking into account the lower value of a foreclosed property, you will no doubt be looking at a liability of over $100,000. The major mortgage companies all admit that they WILL be pursuing these (why wouldn't they), and Florida law gives them 5 years to do it, and then a judgment lien for up to 20 years, which they can take to any state or states in the US and domesticate. Then they can use it to levy on any non-exempt assets you own, and perhaps to garnish wages.
Is this property producing any rental income ? If not, is it rentable ? It is possible that you could get relief in a bankruptcy proceeding, the exact details of which would depend on the particular facts of your situation. You should start by consulting a local bankruptcy attorney to see if you are a candidate for Chapter 7 or Chapter 13, and if so, how each of them would play out in your situation.
Your options are presently limited because lenders take a firm position on performing loans. When you stop making payments, your lender will become much more responsive.
If you have only one mortgage, you may qualify for a deed in lieu of foreclosure. Otherwise, order an automated valuation report and submit a short sale application.
Most Florida real estate attorneys represent clients throughout the process and many are successful in obtaining deficiency waivers.