Help with loan mod

[Joel Fraser]

Here is my situation: I own a rental property that has an 80/20 stated income (because my boyfriend had no credit) loan on it. The first is with Indy Mac (6.8%) and the second is with City Mortgage (9.5%). I also have a primary residence that has an 80/20 stated income loan on it. The first is with Aurora (6.3%) and the second is with National City (8.5%). Back in October of 07 I lost my job and was unable to find one that paid anywhere near what I was making when I purchased these homes. I ended up taking a job that pays $450.00 a month less than what I originally made and after months of not having enough money and having to use my credit cards for everything, I am realizing that I am in a very bad spot. I would like some advice on a loan modification. What are my options? Do I just work on the primary residence or can I do something on the rental property also? Do I only talk to the first mortgage company or do I talk to the second also? Any help/suggestions would be appreciated. I did call Aurora and spoke to a really nice man who went through the process with me. He said to go ahead and send everything in but that they probably would not be able to help me because my interest rate is low and they do not adjust the principal. I also am current on all of the loans (which won't be for long if I don't get help). He also said to try my second mortgage. Again, any help/suggestions would be appreciated. Thanks.