If drag is ignored and the anchors is not made from some very lightweight metal (same density or lower than water), it will continue to accelerate under water and the speed will be increasing.
For objects with density higher that water density Fb<Fg and the the net force will be Fg-Fb and will be larger than zero, pointed down and smaller than the net force above water. That means that the speed will continue to increase, although a bit slowly than before (smaller force Fg-Fb leads to lower acceleration).
If the object has the same density as water, when it enters the water Fb=Fg and it will stop accelerating. Presumably, it entered the water at some speed, which means that it will continue to sink at that constant speed.
Objects with density lower than water will have Fb>Fg and will have net force and acceleration pointed up. That will make them slow down and eventually reverse direction until they surface again, where they can establish equilibrium floating on top, partially submerged.