Is a short sale possible in our case?

[Swetha Krishnamurthy]

We are upside down on our home in maryland. We owe about $475,000 but our house is valued at about $445,000 ~ $455,000 (on a regular sale). We bought it for $530,000 in 2007.
We are current on our payments but we are going to a have a huge change shortly as my hubby is moving back to our home country for a job and due to medical problems in the family. I will stay till the schools are done (about 6 months) and then join him, but there is no way I can make the monthly mortgage with my salary and having a kid in daycare. We tried selling the house for the last 3 months and weren't successfull. we cannot cover the difference + realtor fee if we further reduce the price. Also we cant rent as we will have about $1000 difference between rent and our mortgage. So I am thinking if its possible to pursue a short sale?
We have some savings but we will need it for setting up our life from scratch in our home country and so my hubby will take our savings when he moves. We have been in US for 11+ years . Also we are supporting parents and racking up a lot of medical expenses.
Is it even possible to pursue short sale? And how do I go about it? Talk to short sale attorney or the bank first? We have 2 liens on the mortgage and bank of America processes our first mortgage but its a FHA loan.
Any suggestions will be grately appreciated.