If you’re a homeowner in Bend, you know that there are still plenty of underwater mortgages in the 2013 Bend Oregon Real Estate Market, but nobody really knows what this term means, and more importantly, what to do if they an underwater mortgage.
In this post were going to cover what an underwater mortgage is and what a homeowner in Bend can do to get out from under their mortgage if they find themselves in this negative situation.
Stay Put
Being underwater is tough but, it’s getting better for millions of homeowners across the country, especially those in Bend, because, home values have gone up at least 13% in the past year alone and it’s not uncommon for mortgages that were once underwater in Bend, to not be underwater any longer because, home values in towns like Bend, Sunriver, Redmond and Prineville have increased over the last year and have helped homeowners regain equity in their homes.
Time To Refinance
Refinancing is always one of the best options for homeowners who can’t afford to pay their mortgages but, for those homeowners who have mortgages that are underwater, it’s not always possible for them to refinance because they’ve made late payments in the past.
The key to success for homeowners who have made late payments is to utilize programs that were created specifically for them like: Home Affordable Refinance Program, first because, in the last 12 months, the Federal Government has really stepped up their efforts to help underwater homeowners and avoid another Real Estate collapse.
Thinking About Selling?
Last of all, another great option for underwater homeowners is for them to sell their homes NOW because, thanks to a huge demand for Real Estate across Bend, and a short supply, it’s not uncommon for homeowners to get above and beyond the asking prices for their homes without having to refinance or consider foreclosure, short sale or bankruptcy as options.
To learn more about the latest Bend Oregon Real Estate news or to view the latest Bend homes for sale, contact me today by calling (541) 383-1426.