I have a few 30 day late payments on my mortgage my credit score is a 550 what are the chances of a refi?

I want to refi and pay down some debt but we've had a few rocky months. What about getting an FHA loan? Anyone have any insight?

Public Comments

1. not too great. if you get one it will probably have high fees and interest.
2. In today's market with the sub-prime loans taking so much heat already and the credit history you describe, not very likely.
3. In todays market not to real good, if by chance your original financing was for 100% and you have no equity then would not consider even trying, as your application will send your credit rating lower, in an attempt at a useless cause. If you have at least 20-30% equity, then you have a chance. slim, but a chance. You would be better served by paying down those debts, and paying on time especially your mortgage, thus raising your credit score.
4. I would say very slim. The worst thing to hurt your credit score is being late on MORTGAGE payments. With that 550 score which is not a good one at all. Recently all lenders had raise their standard on approving mortgage much higher now. It is like 770 now....
5. No mortgage company will give you much. You're tainted, and stay away from the debt elimination places. It's like fraud.