So much good info here but now I dont know where to start.

[Joel Fraser]

I just want to start by saying great site with great members and information. Im just a little overwhelmed with all the information and now im a little confused and don't know what to do first. Ive been at my current home for 3 years and I purchased it at 375,000. I did 100% finance at the time but things have changed since. My wife lost here job and is paid much less at her current. Our payment is around 2600 a month and that's what I bring home. We did the loan together. What we had to do this past year is to rent out the house and move in with my in-laws to save 1,000 monthly. Now the houses in our neighborhood are selling for around 175-200,000 for the same model. It's getting too hard paying rent and paying the rest of the mortgage. This will be our first month we fall behind (payment due today). I want to modify our loan to the current market value, if possible. Chase holds my 80% and wells fargo holds the remainder 20%. By the way our renters are still living in our house. so my questions are. 1.Do I only contact Chase or do I need to work with both banks. 2.Do I write a hardship letter first then call? or what should be my first step? 3.Should I call one of the services on the main page of zinomortgage.org?