What are my options to get out from under an upside down mortgage on a manufactured home that I co-own with my ex-husband?

I currently have an FHA mortgage with Ocwen Loan Servicing that started off with GMAC. I have what seems to be an overly complicated and hopeless situation. I've run into dead ends with all the research I've done so far, but I'm hoping you have some advice that can help me out.

I'll start out by saying I am not yet technically behind on my mortgage (no 30-day marks or otherwise since 2008). I haven't made next month's payment though, and may not be able to.

Here's my situation:
I currently have a mortgage on a property in Elgin, Texas with my ex-husband. He still lives in Texas, but I am in Louisiana. I have been managing the property for about 7 years. The property consists of two dwellings on 5.65 acres of land broken into two tracts (one is 1 acre and the other is 4.65 acres). It is legally one property though. This was all done long before we purchased the property. One dwelling is a trailer that was deemed to have no value when we purchased the property, and the other is a double-wide manufactured home. We have tenants in each dwelling, but they are behind about $4,000.00 including late fees. Up until now, I have kept the mortgage current since November 2012, even though the tenants have been behind, and avoided any 30-day marks. However, I am currently unemployed (as is my ex-husband who has been for over 2 and a half years – plus he has bad credit) and I cannot afford to keep the mortgage current anymore without the tenants getting caught up. The mortgage payoff is about $138K and the market value of the property is about $116K (without getting an official appraisal – this is based off of an assessment by a real estate agent friend I have in Texas). It seems to me there are two major strikes against us: there doesn't seem to be any federal assistance (HARP, HAMP, etc.) for manufactured homes, and we may not qualify for other assistance because of our lack of employment and my ex-husband’s bad credit.

My biggest concern is that I don't want to affect my credit negatively, but I don't know how I can afford to keep the property from foreclosing if I can’t negotiate a lower monthly payment somehow.

Here’s what I know about the options out there:
- A short sale or a deed-in-lieu would impact my credit score almost as negatively as a foreclosure would. I don't see the point in participating in this option that ultimately will have much of the same result as foreclosure.

- As far as loan modifications go, it depends on the particular modification as to how it will affect one’s credit. Plus, as I said, we don't qualify for the federal assistance programs.

- It seems our only possible option is to negotiate with Ocwen directly. However, in order to qualify for some modifications with lenders, I may be required to already have serious debt repayment difficulties, and as I said, my mortgage is not in arrears yet.

- I have no interest in ever living in this property and really just want to get out from under it. But, am I correct in my assumption that if I put it up for sale for the payoff amount of $138K that a buyer would not be able to get a mortgage for that amount since the market value is $22K under that?

Another issue is, though I have not spoken with Ocwen Loan Servicing yet, I am not optimistic about dealing with them from what I’ve heard/read. The mortgage started off with GMAC, but like many others, was bought out by Ocwen in the beginning of 2013. I did try to work something out with GMAC, but I had to repeat myself too many times to get anywhere with them either. Every time I called, I spoke to a different person and had to tell them the whole situation over again. No matter who I spoke with though, they wouldn't give me any straight answers without filling out application to modify the loan, even though I was uncertain if that was what I wanted to, or even should, do. I was afraid if I did manage to negotiate a lower interest rate or reduced repayment that GMAC would report it as “settled” or “paid for less than originally agreed” and my credit score would drop.

I feel like the people who need the most help can't find it. If you have any advice to help, I'd appreciate it.

Sincerely,
Jamie Tournet