Iam self employed. but no work and collecting unemployment now. my morgage rate is 5.25 is it time

to refi
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March 20 2009 - Quincy
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Answers (4)

Profile picture for wetdawgs
5.25% interest rate is a pretty great rate.   It would take a very long time with the costs of refinancing to break even by refinancing now.  

If you are having problems with dealing with the mortgage payments, perhaps it is time to sell or take in a roommate.
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March 21 2009
Profile picture for WishNPrayer

There are mortgage modification programs available for people who are not currently behind on mortgage but could be at risk.  Loss of job/reduction in income is a qualifier for the Home Affordable Modification Program.  You will need to do a lookup to see if your current lender is participating.  

FinancialStability.gov
HopeNow.com website.

Same boat here.  Self-employed, no work.  We have not applied for unemployment because we did not think self-employed could collect?  Some states allow, but didn't think Mass did.

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March 21 2009
I would have to agree with Doug. If you are struggling you may want to consider selling or seeing if you qualify for a short sale. Let me know if you need any help.
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March 20 2009
If you're at 5.25% and have those issues with employment/income, be greatful you've already got a decent rate.
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March 20 2009
 
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