We analyze a quantum reservoir engineering method, originally introduced by Sarlette et al. [ Phys. Rev. Lett. 107 010402 (2011)], for the stabilization of nonclassical field states in high-quality cavities. We generalize the method to the protection of mesoscopic entangled field states shared by two nondegenerate field modes. The reservoir consists of a stream of atoms consecutively interacting with the cavity. Each individual atom-cavity interaction follows the same time-varying Hamiltonian, combining resonant with nonresonant parts. We gain detailed insight into the competition between the engineered reservoir and decoherence. We show that the operation is quite insensitive to experimental imperfections and that it could thus be implemented in the near future in the context of microwave cavity or circuit quantum electrodynamics.