With the current mortgage environment these days, if you are wanting or needing to refinance and you have had any mortgage lates in the last 12 months or are currently past due, you will probably be denied for an FHA, VA or Conventional loan.  Any mortgage lates in the last 2 years for that matter can be considered such a risk for underwriters that they may deny the loan application.

If you are barely making all of your monthly payments and actually have the equity in your home to do a debt consolidation, do it now, while you are current on everything.  Once you become past due on credit cards or worse, your mortgage, your credit might look like you are a bankruptcy waiting to happen.  Most loan officers won't tell you this. They will just tell you to work on your credit.  There are several books available that give advice on how to improve your credit. Suzy Orman's books are great. So is a book called, Girl, Get your Credit Straight. 

If you were able to get a loan in the last 3 years and the lender ignored the charge offs, repos, collections or other bad debt... I recommend that you resolve those issues now.  You probably agreed to a non-conforming/sub-prime loan and those loans are for the most part - history.  If you have equity in your home and your credit score is good enough, try to make a settlement with those old creditors, unless you know that they will be falling off your credit soon.  Just understand, that many creditors will resell old debts. 

I hope that this information helps at least 1 person!  I have a free guide to Understanding Credit that I would be glad to email upon request.  Email your requests to molly@sunnymtg.net.