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Our home is under water by 100k. We have a modified loan (Obama plan) at 2.25%, which will increase in 5 years. We will likely not be able to afford mortgage amount in 5years. Most predictions I've read is that homes will continue to fall in value..It only makes sense to stay in our current loan if home values go up. What do you think?
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We are in unchartered waters right now. I don't think it is a matter of "if" the values will go up, but a matter of "when" values will go up. Right now it's all about employment. When the jobs are back the pressures of supply and demand will start to take hold and people will want to start buying homes again. Most people that lost a home in this recession will want to own a home again.Their credit should recover after seven years, which is the amount of time it takes to get a foreclosure off your credit report. So the foreclosures started in 2007, so in 2014 we should see more qualified buyers start to enter the market place. Who knows where it will be by 2016. All I know is America wants to get back to work, so I'm a believer it will all turn around.
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