Need advice-Cali mortgage modification

[ruinedbyex]

Brief background: I purchased a home with my girlfriend in Feb. 2006. Price was 690k. Both 1st and 2nd are CW loans. She is still on loan but I make all the payments and deed is in my name only. I owe 530k on 1st @6.875. adjusts in 2 years. I owe 103k on 2nd which has always been adjustable...% right now must be low because payments keep dropping. . Never refi'd. 1st is $3600 and 2nd is $400-$800. My gross monthly income is $9,600. Never late or missed any payments. I can afford the loan and keep payments but my issues are as follows:
1. Ex and I are both on mortgage for a rental property that she is supposed to make payments on. As of 4/1 she is no longer making payments and is going to let them foreclose. Not a CW loan. My credit is going to be ruined
2. My home is now worth $460k according to Zillow.

Therefore, since she is going to ruin my credit I figure this is a good time to renegotiate to get a fixed rate for duration of existing loan and/or a principal reduction. I don't plan on making payments after May 1 in order to spur CW into making a decision.

How do I start? Chances of success? Anyone try to get a substitution of collateral (i.e., finding a CW REO with price near my mortgage balance so that I am paying on a home worth the mortgage)?

I don't want to go through NACA. Thanks for your help. I have read hundreds of threads but can't find what I "think" I need to hear

[MP927]

Principal reductions just aren't happening as of yet. We all just have to ride out that storm. I think the majority of us are upside down (as CW told me a couple of years ago "what goes up, must come down" LOL) Although someone said "Wachovia" is doing them...
It's a bitter pill to swallow, but it sounds like you can make your payment on your principal residence; so I highly doubt CW would do anything.

As for your rental, you do not have a tenant to pay the mortgage right now?

I do not even bother contrasting with Zillow anymore. I know we are going to be upside down for many years so I accept this fact. Now that we have a more civilized payment I can sleep a bit more at night.

I hope you find the best decision for yourself that only you can make.
Best of Luck

[sbas2k]

Hi ruinedbyx, my income and loan amounts are similar to yours, I stopped making payments with CW in October 2008. I have met every qualification on the different programs available. I have been denied for every program due to "investor" not approving. I have come to the realization that they won't do anything for most people especially principal reductions. I will hang on as long as I can "rent free" until forced to move out. Although there are some success stories, relative to how many people have been affected by this mess, that is of the minority. I am an extremely positive person and live a fortunate life, my advice is to try to be realistic knowing that the end result will more than likely be disappointment.