Current home owners who have bad credit and/or mortgage late payments that need to refinance still have many options available to them today. As a home owner with bad credit you can still refinance with mortgage late payments as much as 120 days late.
While refinancing with bad credit and/or being behind on your mortgage can be a tough task at times, you usually still have options available to you. Unlike a person who has great credit and hundreds and possibly even thousands of choices in mortgage lenders to choose from, a person with bad credit may only have a handful of options available to them. Some of the most common lenders that can handle refinances for people with bad credit and that are behind on their mortgages are called hard money lenders. Hard money lenders will usually charge somewhat higher rates than everything that is advertised, however they can be a viable option to help save your home and to help get you back on track with your finances.
If you are in this credit situation, you should consider getting into a short-term loan, which is typically lower in overall costs, but allows you ample time to rebuild your credit and assets, so that you can refinance into a more attractive rate and term, once your credit scores have increased.