3 Family mess up please help me.

I was swindled a couple years ago while buying a 3 family house in Springfield , MA :banghead I believed a friend of mine and his friend who was a mortgage lender and they got me to buy a 3 family house from my original friend for $210K. I was not working then and was looking to get into being a landlord and he said that he would help me and to buy this house he was selling. I had no money to put down but they told me to get a first and second mortgage interest only adjustable rate for both and then just rewrite them the following week into one 30yr fixed mortgage. So as we all know the mortgage crisis happened and banks would not rewrite anything and I am stuck with the house that is going to have its interest rate moved up on both mortgages and no bank will rewrite it because the house is coming in at anywhere from $80K to $140K. I have not missed a payment cause the rents are barely covering the monthly mortgages but when the rates get bumped up I will not be able to keep up. My Credit score in 795 and the lenders told me they wont do anything until I miss some payments then they MIGHT be able to help me out. Can someone please help me out I don’t want to ruin my credit score I wish I could just sell the house and be done with it or just something. I tried doing a loan mod as well and they will still not doing anything to help.

Here are some options as I see it:
Possible short sale although your credit will take a hit.
You can try to earn more to make up the difference. Are you working as much as you possibly can or can you find a part time job to help out?
Start selling personal possessions to make money. Can you sell your car/truck and get a cheaper one?
Do you have savings you can dip into?
Can you sell your own house and move in there?

I cannot do any of those things. If I moved in there I would have to quit my current job. I do not have anything really worth of value. Can I short sell to my parents to keep the property in the family at least?

You can short the property and sign a promissory note to pay the deficiency. That will preserve your credit so long as you pay the note.

Use that great 795 FICO score to apply for an unsecured bank loan or low interest business credit cards to cover the difference when you sell the house at a loss.

Last I heard, short sales that are non-arms length transactions, such as selling to family members, is considered bank fraud.

Interest rates are not rising. You should not have to pay more when this loan adjusts. You may actually pay less. What is your rate?