You have taken the right first step in trying to talk with your lender for a loan modification. If you can afford the repayment plan Countrywide is doing and you don't have to move right now, then take it. If you can't, then I would continue to talk with your lender and say that you may be forced to do a short sale on your property.
It would be important that you contact a licensed real estate professional to get a detailed report on your property's current market value and report of current and past activity of comparable homes in your area so you have some solid numbers and statistics to back your claim up. They may be willing to negotiate further with your loan modification after seeing the facts, or Countrywide has been increasingly more accepting of short sales. The one thing that no one involved wants, including Countrywide, is for the bank to take possession of the home.
It is important to act quickly on this. If you have any questions or would like a free analysis of your property's current market value, contact me anytime.
Mike Dobranski, REALTORÂ®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV