1st Ocwen / 2nd GMAC Loan Modification Advice Desired

[Mike]

I have a home in South Florida. I got married last year and moved to the West Coast. I could not sell the home because it was worth less than I owed. I owe $291K between the 1st and 2nd mortgages. It is worth about $250. I ended up renting the property for $1,500 a month, which is about as high as the market brings in that area. The problem is that my payment between the 1st, 2nd, taxes and insurance is $2,600 a month. I have kept the payments current, but at this point I cannot afford to pay the difference anymore. I was thinking from reading this site, that I might be able to make things work if I can get the lenders to modify the loan and get my payment lower. I need to know what the chances of this are. Should I just say forget it and let it go to foreclosure, try and get a short payoff and sell it, or ask for a loan modification? If I do request a modification (which is where I was leaning), should I let the lender know that I have it rented or should I keep that info quiet? I am basically just looking for some advice. Thanks,Hawkdss