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Housing predicted to drop for 2 more years :(
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[QUOTE]Originally posted by SeekingFreedom: [QB] Ah, my friend, Big...apparently I was dumb. :) Seriously though, let's look at the situation. Even if I can't refinance yet, not all is lost. If my original rate was 9% and the average is now 6.5%, even with an adjustable I'm not likely to get anything higher than my current 9%. That means that I should be able to continue making payments as I have been assuming that nothing else has changed financially. Next question, how long do I have till my next rate adjustment? So, now that I have a heads up as to my actual situation, I have a few options. First, is there anyway to add value to the home through sweat equity? If so, I may be able to counter the general depreciation of my area. Second, I get a part time job or work some overtime for the next little while to save up the needed money to refinance for a fixed rate. Third, if feasable, take in a friend\roomie to help offset the increased rate till I can refinance to a better rate. Fourth, sit around and whine that I got screwed and hope Uncle Sam soars in to the rescue. Guess which one I [i]don't[/i] think I should take. :p [/QB][/QUOTE]
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