Since you have a legitamate financial hardship you may be eligible for a loan modification on either or both of your properties. The glitch here is in order to get an approved modification you need to be showing some income. I would consult with an attorney or a modification specialist. Many homeowners are looking at your same scenario and there are options out there. You may consider going late on your payments and hopefully in a couple months you will have a new job and can show the income to qualify for the loan mod (especially if it is a lower paying job). Many lenders would rather find a viable option to keep you in the properties than have you headed towards a looming foreclosure.
But, again, I am not a lawyer or loan mod specialist. Definitely seek out some qualified advice.
Best of luck... you are not alone.
San Diego Real Estate Professional
Residential Sales and Appraisal
Sorry to hear about your situation - here is a post that may be helpful:
You also have the options of a short sale, however, with two properties, it becomes very complicated and many banks won't cooperate. Read the blog - let me know if you have any questions.