Many consumers with nontraditional and other new types of mortgages with lower initial payments are now facing significant increases in their monthly payments—called “payment shock.” This brochure, produced jointly by NAR, the Center for Responsible Lending, and NeighborWorks®, explains the types of mortgages that are placing families at risk, provides suggestions for getting help by talking to a REALTOR® and a reputable counseling organization, and urges borrowers to work with experts and their lender as soon as possible. The brochure lists some of the ways lenders may be willing to help borrowers avoid foreclosure.
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