So you're looking to refinance your mortgage but you've got bad credit. What can you do?

First of all, don't panic. Although banks have tightened up their lending standards considerably, it is still possible to get a refinance or a mortgage for a new home purchase even with a blot on yourcredit history. That's the good news.
The bad news is that getting a refinance or other mortgage gets progressively more expensive the lower your credit score is. So the whole question may not be so much whether you can refinance your mortgage, but whether you can do so on terms that make the process worthwhile.
So why do you want to refinance? Are you looking to take advantage of the current low rates in order to save a percentage point or two off your current mortgage? Do you have an interest-only or option ARM that's about to reset to a much higher monthly payment? Or perhaps you've suffered a financial setback and would like to refinance your remaining balance back out to 30 years to bring down your monthly payments?