How much will my payment go up with 5/1 Fixed to

[KLEE P]

adjustable mortgage rate? I bought my house in Feb 2006 for 450k. I have a 5 year fixed rate. I cant keep up with the payments because my husband job (tile industry) is extremely doing BAD. How much will my interest or payment go up in 5 years if I cant refinance? I have a 6 month prepayment penalty if I refi or sell before 3 years. Should i wait till 2009 to try to refinance? Or do a short sale? Credit is not great anymore because of late payments.

[joy]

You should contact your lender immediately if you are having trouble with making your payments. It seems like what will happen in 2011 does not matter if you lose your house to foreclosure before then.

Probably the best plan is to get the lender to waive the pre-payment penalty so you can sell your house and pay as much of the loan as possible.