Everything Don says is TRUE!!!! Good work Don.
Banks will only work with you when you are behind it seems. Therefore, advertise on all the free sites i.e. Craigslist, BackPages, Yahoo, and get your tenant situation ASAP... At the same time call your bank and ask for a the Loan Modification Division.
This may come as a surprise to you but the Customer Service, REO/Foreclosure, Loan Modification and the Legal Departments don't talk to each other!!! So you have to make sure YOU keep them all in line and communicate with each of them.
Call Loan Mod Group, get the Mediation Packet, Answer their questions, then within 30 Days you should be on your way. Typically you will get your loan mod papers within 5-7 Days, Fill them out, Make a copy for your records, then return them immediately. Send a Letter to each of the other departments listed above with your loan number, and the date you sent the Loan Mod Docs to the Loan Mod Department, then they should begin talking but don't hold your breath...
I hope this points you in the right direction...
Keller Williams Realty - Princeton
100 Canal Pointe Blvd, Ste #120
Princeton, NJ 08540