I need to do something fast regarding keeping my home?

I bought my home in 2004 & as with everyone else my home’s value has plummeted down to almost nothing. I have a conventional loan with a 1st and 2nd mortgage (ARM). The origional amount I paid was ok but then the mtg co added taxes and another insurance to the payment raising it to almost double on the 1st mtg. I havent paid he 2nd mtg since October and the 1st mtg since April. I’ve tried talking to my mortgage company re loan modification and they lowered the interest to 5.5% and my payments only went down $7.00. I bought my house for $72,000 and now owe $92,000 between the 1st and 2nd mortgage!! Other houses in my neighborhood are only selling for $3500.00 and $8000.00. I am a single parent I need direction, I work and I want to keep my house . Are there any suggstions?