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Bought a house almost 4 yrs ago $340,000, went into loan modification and I believe it was accepted, payment went from $2600 to $1600 and $1900 by the fifth year, the situation now is that the property is only worth about $130,000 so even though the payment is not too bad right now, we are more than $200,000 so it does not make sense as a good investment it will take us for ever to at least break even, We need some knowledgeable opinions before we decide what to do. Should we do a bankruptcy? and after that how long will it be before we can again buy a home for our family?
Thanks
Thanks