is this a horrible fold?

I play it the exact same way, including folding to the reraise.

And I would also raise the flop in this situation. Mainly because just about any card that hits on the turn will be bad for me. I'm thinking that when he bets into me on the flop I'm good normally. When he reraises, I'm thinking I'm beat. Not sure how I'm beat, but I'm normally beat. Well played.