Refinancing a loan with terrible credit?

[kaedeebug]

Is it even possible to refinance our mortage with very poor credit? We almost lost our home due to husbancd becoming disabled and finally see light but I have been working on our budget and if we could lower our payments even by $200 it would help. My question is will a bank even consider it? the bank that holds our current mortage will not consider loan modification or anything so I would have to look elsewhere. Are those loan modication ads a scam? Thanks for any help.

[joshmamabear]

The chances of finding a bank to approve it may be slim. Know also that your credit history will be pulled in this case and will pull down your score by several points. If you think your credit score is low to begin with, weigh carefully before you file a loan modification as the record will stay in your credit report for 2 years.

[Spanelli8706]

For my mom's bank, they told her she must be current for one solid year, NO late payments what-so-ever, before they will consider refinancing at all. Her credit has slipped some but it isn't bad really. This particular bank was really focussed on current monthly payments.