SMART MOVE | SHORT SALES & PRE-FORECLOSURE
Whether you're concerned about making future mortgage payments, already behind, or facing the possibility of foreclosure, understanding your options is the first step toward making an informed decision.
01 / START WITH YOUR SITUATION
You may be current on your mortgage but anticipating a financial hardship. Communicate early with your mortgage servicer and ask what assistance may be available for your circumstances.
A qualified housing counselor can help you understand the questions to ask. You don't need to wait until a missed payment to explore your options.
If you've missed payments, received default notices, or are concerned about foreclosure, act promptly. Contact your servicer and consult qualified professionals about the notices and decisions ahead.
Programs, eligibility, and deadlines vary. Have legal counsel review time-sensitive documents; don't assume a real estate conversation changes an existing deadline.
03 / THE SMART MOVE APPROACH
Mike Rosania, Founder and Director of Sales, brings experience in short-sale negotiations, mortgage workout coordination, and lien resolution.
Smart Move coordinates the real estate strategy and transaction with legal counsel assisting in the short-sale process. Our role is to help organize the property sale, communication, and transaction decisions with the professionals involved.
Legal counsel addresses legal questions. Lender decisions and transaction outcomes remain subject to the circumstances, required approvals, and applicable terms; professional involvement does not guarantee a result.
04 / A CLEAR STARTING POINT
A short sale generally occurs when a mortgage lender or other required lienholder agrees to a property sale in which the available proceeds are insufficient to pay the secured debt in full, subject to applicable approvals and terms.
The lender or servicer reviews the proposed transaction under its requirements. A signed purchase agreement alone is not lender approval.
Multiple mortgages or other liens can add complexity. The professionals handling the file need to identify the approvals and terms required for closing.
Approval of the sale does not necessarily resolve remaining debt or deficiency exposure. Legal and tax consequences vary and require individual professional review.
05 / A CONNECTED PROCESS
A thoughtful framework for organizing the real estate side of a short sale, with clear attention to the approvals and decisions involved.
Understand the homeowner's circumstances and goals.
Review property value, mortgage balances, and known liens.
Explore available options and determine whether a short sale may be appropriate.
Coordinate documentation and lender/servicer requirements with the professionals handling the file.
Establish a realistic pricing and marketing strategy.
Review offers and submit the proposed transaction for required approvals.
Coordinate lender and lienholder responses, negotiations, and contractual deadlines.
Complete approved closing steps and review any remaining obligations with appropriate professionals.
Steps may overlap or occur in a different order. Offer acceptance and lender approval are separate events. No step, proposed sale, or approval request automatically stops foreclosure or changes a deadline.
06 / LOCAL CONTEXT MATTERS
Foreclosure procedures, notice requirements, and deadlines differ by state and case. Have qualified legal counsel review what applies to your situation; this page does not establish a timeline.
New Jersey homeowners can start with property-specific questions about value, mortgage obligations, and the available real estate options. County guides provide local context, not a substitute for reviewing your notices and circumstances.
Pennsylvania homeowners can start with property-specific questions about value, mortgage obligations, and the available real estate options. County guides provide local context, not a substitute for reviewing your notices and circumstances.
Considering a traditional sale? Explore our selling guide for preparation, pricing, and transaction considerations.
07 / PRACTICAL QUESTIONS
A sale may be possible. Review the property's value, mortgage payoff amounts, liens, and any pending proceedings with the appropriate professionals. Contact your servicer promptly; a proposed sale alone does not pause deadlines.
Discuss available assistance with your servicer and review the real estate options. If sale proceeds would not cover secured debt, a short sale may be considered, subject to required approvals and terms. It is not the only possible option.
No. A short sale is a sale requiring agreement to accept proceeds insufficient to pay secured debt in full. Foreclosure is a legal process involving enforcement of a mortgage or lien. A proposed short sale does not itself end that process.
Yes. If you anticipate difficulty, contact your mortgage servicer early and explain your circumstances. A HUD-approved housing counselor can help you explore assistance; availability and eligibility depend on the situation.
Not automatically. Listing the property, accepting an offer, or requesting a short sale does not by itself stop foreclosure. Ask your servicer and qualified legal counsel what applies to your case and any current deadlines.
Yes. Required lenders or lienholders must agree to the proposed treatment of their secured debt. A buyer and seller accepting an offer is different from receiving the required short-sale approvals.
Additional lienholders can mean additional approvals, negotiations, and closing requirements. Identify known liens early and have the appropriate professionals review title and proposed terms. Agreement from one lender does not establish agreement from all others.
Possibly. Sale approval does not necessarily release remaining debt or deficiency exposure. Have qualified legal and tax professionals review the written terms and potential consequences before relying on an assumed release or tax treatment.
There is no fixed duration. Documentation, lender review, lienholder responses, buyer financing, and other transaction issues can affect the process. Review actual deadlines with the professionals involved rather than relying on an estimated closing date.
Smart Move coordinates the real estate strategy and transaction with legal counsel assisting in the short-sale process. Attorney involvement does not guarantee an approval, debt release, or particular outcome. Discuss legal questions with appropriately licensed counsel.
DIFFERENT + BETTER
You don't need to have all the answers before reaching out. Whether you're planning ahead or facing an urgent mortgage concern, we're here to help you understand the real estate side of your options and connect the process with appropriate professional guidance.
