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I have been having difficulty making my mortgage payments. How can I best convince my lender to renegotiate the loan?

You should immediately contact your lender by phone and document all communications in writing. Ignoring the problem will not solve it. Write to the lender about your credit history, your years of mortgage payments, your care and maintenance of your home—all of this will show the lender that you are a continuing good credit risk, despite falling on hard times now. Telling the truth about your financial situation is also important. It's hard to admit when your luck has turned, but doing so honestly and completely is the way to convince a lender to help you now, rather than to foreclose on your house. And, don't give up. There are many homeowners with similar plights; it will take persistence to succeed at renegotiating your current loan.

Joan A. Koffman, Esq., Real Estate Attorney, Koffman & Dreyer, Newton, MA