Hi Edgy,

You are one of millions of property owners in this position. I know how daunting this may be for you and your family. I work with people daily that are in your position. There are too many variables to give you advice on what to do until I see the full picture of your situation........but I will be happy to sit down and discuss what options you have. There are pro's and con's to each decision and you will be well advised to finding out just what the consequences of your decision will be. You are definitely smart to try and find answers sooner rather than later.
Feel free to contact me at conradtherealtor@gmail.com or 760-710-7606 for further assistance at no charge to you.
Have a wonderful day.

You might be able to get a modification. It all depends on your lenders and whether they find your situation workable. Chances are that your credit will take a hit so you must take that into consideration. You may also want to consider shortselling the properties if you are truly worried about making ends meet. Just selling one of them might be enough to loosen up the noose. One thing that I've learned in this market is that these are business decisions that have to be made quickly.