Has anyone stopped paying on their 2nd mortgage?

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I want to get some feed back on this...My husband and I own a condo that is not worth anything anymore! We're on an interest only loan until August next year. I got laid off and am collecting UI. I recently started workint PT so I can still collect UI until I get FT work. I'm trying to get a loan modification but I found out they still denied my claim! We still make too much money on my UI? They don't even know I started PT work yet! How can this be? I'm on the line now trying to find out but I used to do loan MODs at my old job and I just don't get this! My lender is Chase. I do have a 2nd mortgage with Citi and they say they have to wait til I get a decision from Chase before they even try to help me. And it needs to be a MOD really not just a denial as an answer. My husband and I don't have much expenses but still we get denied! I'm thinking worst case I can stop paying on my 2nd but I don't know about all the consequences. I don't want to loose my home but I'm in the hole every month right now. We budget our money the only thing we have on our credit is our 1st and 2nd mortgage with our car payment of 257! Not much! Plus we have Homeowners Dues for our condo as well! Thanks for any advice!