Let us look at the good side! As soon as you obtained the new mortgage, your credit history will improve almost immediately. Of course, you will have to keep up with the repayments; you should not be late at all, this way you might get a fully standard mortgage. With a bad credit mortgage you can consolidate all of your bills into a single low monthly payment with bad credit home loans. As you can see, bad credit mortgages have positive aspects too, besides the negative part of the higher rate. All you have to do is think it through: do you really need another mortgage? If the answer is yes, then you should start looking for the best offer you can find. But think it through really good if you want to secure other debts with your home, because in case of non payment your home might be repossessed, and that would be really bad for you.
All in all, you can get a mortgage even if you have bad credit history; you just have to prove to the lender that you are capable to make the monthly payments. If you managed to do that, you will most probably get your mortgage. For now that is good news, but do not forget that you should pay the rates in time; otherwise you might lose your home. Keep in mind that only the fact that dealing with a credit is big responsibility, and you should cut down your expenses until you manage to pay off your debts.