Countrywide/GMAC: How should I start?

[Joel Fraser]

Hi there, thanks for the forum. My wife and I are divorcing. I am attempting to save the house, but it's a long shot. We refi'd last spring (way before divorce was ever a 'possibility') through Quicken Loans and GMAC. Quicken sold the loan to Countrywide. The first mtg is 313K at 5.5%, and the second is 76K at 8.5%, for a total of 390K (House was appraised at 435K last year). Now with the market, our realtor did a CMV and suggested that 295-305k was maximum sell price. Mortgage payments total 2900/month. So with divorce, not doable on one income. I would like to give either a modification or a possible FHA Secure a shot to keep the house, since we have done much custom work on it over the years. Wife does not want to stay here, and wants it on the market, but has given me until the end of the month to see if there is a feasible way of my keeping the house on one income. First: Is it possible, or a pipe dream? Second: Should I go through a Modification law office, or try to start with CW/GMAC myself? Third: IS the FHA Secure plan a superior option to loan modification in general? And if so, should I start there? Last: Anything I'm not thinking of? Thanks in advance for any help or advice. rsp