AnotherIn addition to what @goblinbox commented, another possibility to consider, would be to build a soft-modem yourself. A modern ARM processor should have enough chops to handle most of the signal processing stuff in software.
According to the ARM guide, the only extra hardware needed is a 14-16bit linear CODEC at 8kHz and the PSTN interface circuit. The guide is only for V.22 but it's a start.