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NACA demands help with mortgage modifications on Capitol Hill

NACA members from the state of Maryland went to Senator Barbara Mikulski's office at the Capitol Hill on July 27, 2010, to advocate for ...

Unconventional Thinking

In the aftermath of the “Great Recession,” new regulations were introduced to protect consumers and to ensure that banks fully evaluated an applicant’s “Ability to Repay” when being offered a loan. As a result, mortgage loans fell under two distinct categories of “qualified” mortgages and “non-qualified” mortgages. Despite the negative connotation in the name, a non-qualified mortgage merely means that it is not exempt from the Federal regulations of lending. For many banks, complying with this regulation meant becoming extremely narrowminded in their approval process and limiting loan options only to the few who fell perfectly into place.

Many are familiar with the traditional financing offers by conventional banks through Fannie Mae, Freddie Mac, and FHA, but as regulations become more favorable for lenders, “Unconventional” mortgages starting to become even more popular. New loan products such as “Non-Prime” and “Non-Conventional” alternatives started to evolve and have become more readily available to deserving mortgage applicants who are being disqualified from traditional financing. For those paying close attention, or for those in search of specialty loan options, they might be pleasantly surprised to see that some of the creative products of yesteryear are once again starting to resurface. This is a welcomed opportunity for some, but a potentially frightening change in the marketplace.

Is there a point to having a barely affordable mortgage...?

and living in a nice house in a good area, but you know that if anything were to go wrong you would not make the payments. Any solutions? The cost of houses is ridiculous these days, it's hard enough getting a house in any area let alone a nice one.


Hi,
I agree with your answers, but I just went mad last year, and rented out my house to totally pay off the mortgage, and stayed on my small boat in the meantime.
Result ?