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Valerie Archer Belardo

Broker Owner


Are you facing foreclosure?

You May Have A Better Way Out!

There are countless hardships that can turn home ownership from a joy into a burden.  The loss of a job, medical bills, or an unexpected hike in monthly payments can all make a mortgage unaffordable.  But ignoring the bills will not make them go away, it will only make things worse.

If you need help, there are approaches that can help, but you may not be familiar with them.  One of these is a ?short sale.?

In an approved short sale, the lender agrees to accept less than is owed for the property, and the homeowner is relieved of the debt.  A lender may be willing to do this because it spares a lot of hassle and expense involved in executing a foreclosure.  And typically, a short sale does far less damage to the homeowner?s credit than a foreclosure does.

If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please email Valerie at valerie@belardoteam.com.  We can connect you with qualified short sale attorneys who can help you with this process.  Please include in your email the following information: property address, name , phone # and when is the best time to reach you.  We are here to help.

Also Submit this form to help out with the process. Put in the comment area  Foreclosure Process

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The 7 Most Dangerous Short Sale Myths

Don?t let one of these dangerous myths

land you and your family in foreclosure ...


A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.


Myth #1 ? The Bank Would Rather Foreclose

than Bother with a Short Sale


This is one of the most common misconceptions. The reality is that banks do not want

to foreclose on your property because the foreclosure process is incredibly costly.

Banks, investors, and even the federal government have all publicly stated that if a

person is qualified for a short sale, the deal needs to be considered. Overwhelmingly,

banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

1. Financial Hardship ? There is a situation causing you to have trouble affording

your mortgage.

2. Monthly Income Shortfall ? ?You have more month than money.? A lender will

want to see that you cannot afford, or soon will not be able to afford your


3. Insolvency ? The lender will want to see that you do not have significant liquid

assets that would allow you to pay down your mortgage.


Myth #2 ? You Must Be Behind on Your Mortgage

to Negotiate a Short Sale


While this may have previously been the case, today lenders are looking for verifiable

hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to

afford your mortgage, act immediately. Any delay could limit your options. Do not wait

until the countdown clock to foreclosure has started and you have even less time left.


Myth #3 ? There is Not Enough Time to

Negotiate a Short Sale Before My Foreclosure


This is a myth that probably hurts homeowners the most. Many do not realize that

foreclosure is a process, and that there is time to make decisions that may result in

better outcomes.


The foreclosing party?in most cases a lender?can stall a foreclosure up to the final

day of the process. Today, many lenders will stall a foreclosure with as little as a phone

call from you explaining that you are trying to sell, and almost all lenders will stall a

foreclosure with a legitimate contract. For real estate professionals who understand

foreclosures and short sales, there is time available until the foreclosure process is



Myth #4 ? Listing My Home as a Short Sale is an Embarrassment


It is understandable to have reservations about letting the world know that you owe

more on your home than it is worth. However, according to recent estimates, more than

one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who

can work with you toward a solution.  With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.


Myth #5 ? Short Sales are Impossible and Never Get Approved


This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as

a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely

not.  For example, agents with the Certified Distressed Property Expert? (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.


Myth #6 ? Banks are Waiting on a Bailout

and Not Accepting Short Sales


You may have heard this, but the reality is that banks (and the U.S. government) are

trying to do anything they can, within reason, to avoid foreclosing on properties. It is

preposterous to believe they would deny a short sale in hopes that some future legislation

would pass and pay them for losses.


Today, more banks are aggressively pursuing short sales and working with agents who

understand how to process them. Freddie Mac recently hosted a national training

Webinar for real estate agents where they expressly stated the organizational goal of

?eliminating distressed assets through modification or short sale.?


Myth #7 ? Buyers are Not Interested in Short Sale Properties


This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In

fact, many agents are getting calls from buyers who say they only want to look at

foreclosure and short sales.


For buyers, short sales and foreclosures have become synonymous with ?good deals.?

More specifically, international buyers are targeting these properties. Listing with an

experienced agent who is educated in the short sale process will provide you with a

great chance of quickly seeing a contract on your property.