That said, don't hold your breath on a loan mod. Sadly, only a very small percentage of them are approved, so get yourself ready for it. Put a For Sale By Owner sign out NOW and start looking to shortsale because it's going to take a very long time to do. A title company can help with the contract, and once you have one send it to your bank to see if they'll take the loss. A shortsale is only slightly better than a foreclosure, but it'll close this chapter and release you into the next phase of your life.