In any event be prepared for the unexpected. I'd panic and slam on the brakes which would probably cause some understeer and a lot of screaming

 

I would start braking toe heel downshifting to 3rd then take to the very inside of the next corner and regulate the drfit with the throttle that will bring the car out of a corner. Never lay off the gas while in the middle or end of a corner the car will spin faster then u can think, if u have gas on then the tires will grip better. Also if u feel the car drift to one side quickly, like it justs gives out then turn the wheel in the direction the car is spinning then whip it back to which way the road is, it has to be done very quickly tho, this is a trick that indy racers use and ive used it, it works really well. I suggest practicing drifting tho before u do it on the street. I live in backroads and have been in these kinds of situations and been just fine but ive done it alot haha. Be careful out there~