We do have some very unprecented things happening currently.  It is difficult to figure out what happens next.  Do we have floods of foreclosures come to the markeplace?  Are lenders (as most of us have heard) are more friendly with doing short pay?  Will nothing happen?

I can tell you what has happened to clients of mine in the last couple of days.  I have clients that were in loan mod mode, getting through the system, most of the time being told their application is in review and once the moratorium was lifted.......BAM the lender send out TRUSTEE SALES that are applicable within a week!  This happened to 3 clients of mine with different lenders!

I do not know if this is a trend or if my clients were just in a certain situation, but I tell you be alert!  Make sure you discuss this with your clients, and have them prepared for a plan "b."  In case of two of my clients we have shifted directly into Short Sale mode, but there may not be enough time to get sale postponed.  My other client is so distraught they will probably walk away!

My hope is the lenders are not just stringing people along and then automatically taking them into REO status!  Hopefully they are truly attempting to help clients with home preservation as the government is asking and then with those that cannot be helped, take it to the next steps of REAL short pays or taking the properties back and getting them into the market place as REO's. 

Whatever the situation, make your clients aware!