Each contract drawn on refinance mortgage with bad credit varies. Some have really bad requirements. The worst in my view is when you cannot afford to make a payment. Even after a decade of paying installments the bank may still take the property when you come short. To add further insult to injury they get to keep the money you had already handed over.
Another clause is in the interest particularity. If it is one that is not fixed then you are more than likely destined to suffer. The interest rate may shoot up all of a sudden and you will have no choice but to pay it if you are to keep the property. That is why a fixed interest rate is preferable every time.