Your primary (one of the two) should be protected if you keep up the payments. However, depending how your loan agreements are structured you should seek some legal advice from a real estate attorney.
Also, not sure where you are in the proceedings, but you may want to consider a short sale. Arizona is a non-deficiency state, preventing the lender from coming after you for the deficiency. Again, check with your attorney. The advantage? A short sale is better for your credit.
If you would like to consider a short sale here is a webinar link to provide you with more information. Let me know if you need a Real Estate Agent to initiate the short sale for you if you wish to go that direction.
May I wish you the best.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate
If you are looking at options to save your assets talk to a local expert and identify your primary home and the best way to save the equity.
First Weber Group
Certifed Distressed Property Expert