Mortgage Refi Question for Shane or Anyone

[CreditDrama85]

this is my situation........i have a total credit history of 5years

mortgage with balance of 116k

credit cards maxed at 40k (with 3 charge-offs)

have 2 30 day lates on first mortgage (from 6 mo. ago)

have 2 60, and 1 90 late on second mortgage (from 3 months ago)

fico is in low 500s. will i be able to refinance in another year to eliminate some of my debt? what should i be doing to prepare myself?

my situation is challenging because i need some kind of stated income program because i am technically a full time student. HELP!

btw, the value of the home is 150-160k

[ShanetheMortgageMan]

With a stated program you are going to be limited to sub-prime until those 60's & 90's are 24+ months out... if you can get a job and have a qualifying debt to income ratio, then FHA should be a possibility once you have 12 months of clean credit history.