I faced the same issue, setting ip to static to 192.168.0.52. My Netgear is 192.168.0.51.
The NAS became not reachable and no I was expecting the worst.
Did a reset (10 seconds) and the NAS was not even showing up in the Netgear (Connected Devices List).
see link :
http://wdc.custhelp.com/app/answers/detail/a_id/10432/~/how-to-reset-a-wd-my-cloud,-mirror,-ex2,-or-ex4-personal-cloud-drive
I removed the disks (still don’t know whether this is necessary though) and hooked it back on.
( https://www.youtube.com/watch?v=t2O_ew4Yrqs))
No difference.
I suggest to download to WD program “WD Discovery”, which comes in handy for searching your NAS.
( http://www.softpedia.com/get/System/Hard-Disk-Utils/WD-Discovery.shtml))
Basically I hooked the NAS directly to my PC and changed my PC ip-address in the same range of the NAS. It took a while (might be up to 3 minutes) when “WD Discovery” found it, showing an IP address which was not familiar to me. I connected to the given IP address and was able to login the admin screen.
Once logged in, it will ask you to put the disks back in, so I did and all looked fine.
Reset is applicable for the Device Name, IP Settings, and Administrator Password of a WD My Cloud, WD My Cloud Mirror, WD My Cloud EX2, or WD My Cloud EX4 Personal Cloud drive back to factory default.
Note that at factory settings the RAID is set to RAID_1, it is not clear whether this setting is put back with a reset when being different. I guess most people won’t have this changed.
Hope this helps all of you of preventing a RMA process.
Sad not to find any info on this from WD Support itself.
PS : This NAS is over rated big time, it is my last WD product.