Remember. One of the features of this new program will likely be a 90 day moratorium on foreclosures, by almost ALL lenders. That time period is designed to give troubled homeowners more than sufficient time to work out the best alternative for themselves. That might mean preparing your property for a short sale, which might make some Realtors happy, OR, it might mean restructuring your loan(s) to being palatable enough to stay in your property, which should make YOU happy.
Be very careful out there, in getting, and believing the advice you receive. Bare in mind that there are both Realtors and lenders out there who only want to make that next buck. Don't fall prey to one of them. Explore as many scenarios as you can, taking advantage of the new programs that are coming out almost daily. They are improving, and should improve your chances to emerge from today's troubles as unscathed as possible.
I have over 32 years of local - South Orange County - experience, as a Realtor who has his client's best interests, at heart. I would be honored if you would consider me as a source for your particular real estate solutions. Call me at 949-643-2100, or email me at Bob@BobPhillips.net to discuss the possibilities.