Hi Saguy, Thank you for your message. Based on the information provided, you and your wife are eligible for a Green Card but not US Citizenship (in order to be eligible for US Citizenship, either your wife's mother would have needed to live in the US for at least 5 years after age 14, or, to use the grandparent's citizenship, your wife would need to be under 18 years old). In regards to the Green Card possibility, your wife's mother can submit this petition on your wife's behalf at any time. However, there are two important issues to mention. Firstly, at the current moment there is a waiting period of approximately 10 years from the time the petition is submitted until the time you can get the Green Cards. Secondly, in order for the application to succeed, your wife's mother would need to move to the US either . before you move there (10 years from now approximately) or at the same time that you move there.
I hope this helps, but please feel free to contact me directly if you require further assistance.
That's correct Sagi. Based on the information that you provided, there is no faster way for you to obtain the Green Card through family-sponsorship. I recommend that you and your wife both register for the DV Lottery right now. However, the registration period is only open until November 2 so I recommend that you act fast. You can register for free at www.dvlottery.state.gov
If you are fortunate enough to be chosen you could possibly have a Green Card 1-2 years from now.