Why would you want to work through a bad credit mortgage refinancing process? There are really only two good reasons to take on the extra debt. The first reason would be to consolidate all your bills into one easy to handle, low, payment. Now depending on your situation you need to bear in mind that you will be converting unsecured debt for secured debt. And you will be securing that debt with your house. Creditors that do not hold a mortgage to your house cannot take your house. So, converting unsecured debt to debt secured by a mortgage is a pretty big risk on yur part. You will want to make sure you can make the payment in even the worst of financial times.
The second reason is to lower you mortgage payment to help loosen up your finances. This is probably one of the best reasons to refinance even though you have bad credit. if you take the extra money and pay down or off your debt in a responsible way, you can really start saving a lot of extra money at the end of the month. You can then use that extra money to pay down the mortgage you just got.
