A reverse mortgage is a loan that’s taken out based on your home’s equity. It’s different from a home equity loan because there are no credit checks or income requirements. Additionally, you don’t have to make payments on a reverse mortgage the way you make payments on a home equity loan. You might think of a reverse mortgage as a home equity loan, without the payments and check – simply a loan that’s made based on the equity you have in your home.

When you have bad credit, you will usually have some problems with getting a new loan, any kind of loan. This will be particularly true of you are trying to get a home mortgage or any sort of refinancing. This becomes incredibly troublesome once your bad credit score comes into play. However, there is still hope for you. There are many bad credit homeloans out there that you can avail of.

Here are some suggestions.

1) Megatron BAnk Lending

This lending firm helps you get a new loan in no time. The rates are incredibly competitive and your loan fees are manageable. They don’t give away the money just like that however, they also want to make sure you are able to pay for your loans in good time. Make sure you have a job before you go to them. Make sure you have some income and can support yourself after you have taken out the loan so you don’t cause headaches for you and other people later on.

QUESTION

I am buying a house and mortgage is in my name only. I would like to add my registered domestic partner to the title after escrow closes. How is this done?

ANSWER

You will have to sign a quit claim deed  and add your partner to the property deed. Your name will be mentioned as the grantor of the property whereas both you and your partner’s name will be mentioned as grantee to the property.

QUESTION

I’m looking for some guidance. I live in Texas and I fell behind on my Mortgage back in November 09 due to medical issues. In January of 2010 I attempted to make two payments, which my mortgage company rejected. Once I learned of the rejection, I called hoping to set up a repayment plan. I was told that they could set up a repayment agreement but that I should apply for a modification under OBAMA’s Home Affordable Program first. Although this wasn’t my original intent, I submitted the requested forms and documents the next day, January 29, 2010 (based on their suggestion). I called back a week later just to be sure everthing was on track and requested a repayment arragement while the Mod was being reviewed. I was told that I could not be set up on a repayment plan, because my loan was being considered for Modificaiton. I called once or twice a week, with the same reponse, “no decision has been made”. Finally on March 6th I was informed after calling in that the mod was denied Back in early Feburary and that my home was now in forclousre with a April 6th sale date. I have not received anything in writing, I just learned of it during one my weekly calls, weeks after the denial. I am confused as to how it got to this point. I just wanted to set up a repayment plan. Besides paying the $10,000 plus now due to reinstate the loan, is there anything I can do?

ANSWER
A repayment plan will only be given to you after your loan is modified. The lender may reduce your interest and give you a new payment plan in order to clear off the mortgage dues. As the modification was denied, you did not receive a repayment plan from the lender. You need to contact your lender and once again reapply for the loan modification and check if the lender agrees to it.

The Small Business and Community Lending Initiative was made to get credit fast those small businesses that is in need. It is done by purchasing securities backed by available and guaranteed portions of loans. This will help ease the backlog of securities that has been stacked up since the start of the credit crisis last year. It will also provide a pool assemblers and banks with a funding for liquidity so that new loans can be provided. The Treasury Department also stands ready to purchase new securities made by the stabilized portions of loans. The level of investment in this initiative has been estimated to be $15 billion.