Home sale fell through

Long story short: I just PCS’d during the sale of my home and one of the buyers lost their job. We were right at signing date. They are wanting to extend the contract and still purchase but they are still unemployed, so I’m not sure that would make sense.

If I keep this mortgage then I will be buried alive financially. I moved from South Carolina (where the home is) to California and the risk to reward for renting it is not in my favor. It’s in a low income town and I would likely just lose money in the long run.

Guys, I’m seriously considering defaulting on the loan. I’m not sure what other options I have. I can’t afford to pay for it. I have 2 kids under 3 and I’m just drowning. Any advice would help. I’m on a damn E2 salary just for reference.