The NATIONAL ASSOCIATION OF REALTORS® have published a new brochure that illustrates examples of mortgages that can put you as a borrower in danger. There is useful information about predatory lending practices, and gives you information about housing counseling organizations and other resources. Suggestions are made on taking steps that you as a home owner should do as soon as you think you might not be able to make a monthly mortgage payment.

Home owners in this situation may have more options than they know, including:

Forbearance:
Lenders may let a borrower pay less than the full amount of the mortgage, or skip a few payments, if there is a reasonable plan to become current on the loan.

Reinstatement:
A home owner may be able to make a payment that covers all of the previous late payments, usually at the end of a forbearance period.

Repayment plan:
Lenders may allow a borrower who has fallen behind to make additional payments each month until the amount past due is paid.

Loan modification:
Lenders will sometimes change the terms of a mortgage to help home owners avoid foreclosure.

If you are interested in a copy of this brochure, e-mail me at jodell@nevadacounty.com

John O’Dell is a licensed real estate broker, civil engineer and general contractor.