my home is underwater and our monthly mortgage payment is getting harder and harder to pay. my wife are i trying to decide what we should do if we can' t afford our house anymore. i heard it may take ten years for homes values to recover. in your honest opinion, when do you think the home values will go back up?
thanks
my home is underwater and my wife are i trying to decide what we should do with it if the price doesn't rebound in the next few years. i heard it may take ten years for the homes to recover. in your honest opinion, when do you think the home values will go back up?
thanks
Why do you need to do something? Do you and your wife need to relocate?
The OP hasn't explained his situation, but I am wondering if he got one of those "creative financing" mortgages with particularly low payments during the first few years. That could have allowed him to get into more house than he could afford. As the loan resets per the documentation (read that as becomes less "creative financing"), the OP may be struggling to make his higher mortgage payments. Under these conditions, the borrower finds himself with a double-whammy. He may not want to "walk" on his commitments, but he may not be able to afford to make the higher payments. Just speculating...
I doubt we'll know the issue behind the OP, which, as you can see, was changed after Michael initially quoted it.
I think the OP is simply concerned that his house is under water and wonders when house prices will recover.