Has anybody asked for a Mortage Extension.

[totalshow]

My wife is currently not working because we just had our second child, and child care will cost too much. She will be going back to work in 3-4 years and will make $60,000 to $70,000 like before our our first child 3 years ago. So in a couple of years we will be fine. She had two part time jobs that paid well, but she was laid off of both of them.

I don't want to get my creidt ruined by a Loan Mod, so I was thinking of offering a Mortgae Extension Plan to my lender/investor.

I was wondering if anyone has done something like this. I'm looking to request 3 years of reduced payments with the balance deffered to the end of the loan. I caluclated that by making a reduced payment by $750 for 12 months, then $650 for 12 months, and then $500 for the final 12 months, it would had 21 additional months to the 312 I have left on my mortgage. The 21 months would cover the deffered amount as well as the accrued interest.

[SillyWorld]

Any changes from the orriginal agreement of a mortgage from what I see will give you a credit HIT, no way around if as it will show MOD done and payed as agreed.