Mortgage payments stopped?

[nish129]

Ok, My home business has been very slow for the last six months or so. August and September we the worst. My mortgage was late for September and I might go pass my grace period (16th) this month also. I was looking at a talk show one day and this financial advisor was telling this couple they could have their motgage payments stopped for a couple months to help them along with their financial struggles. She said that the payment would go to the back of the mortgage. My question is does that hurt your credit in any way? Is that an option most mortgage companies have? My loan is with Chase. Thanks in advance

[GFer]

I did this many moons ago. We basically paid the interest instead of the full payment for the month(s). No you won't take a hit for that. As long as you get everything in writing and make the payments on time, it will report as pays as agreed (just like your normal payments). All they are doing is extending your loan for the extra month or two.

[Donna1966]

It's called a loan modification.  MY MIL had to do it when she got behind and they gave her no hassles.

I think you have to have had the loan a while to do it, but not sure, just what I have read.  However, I'm not an expert of course!

[ShanetheMortgageMan]

Different lenders & people have different names for it.  But this is commonly called a forebarance agreement, where you defer a couple payments.  Like in a poster who responded situation, they weren't any late payments reported... but other lenders might not be as kind to your credit.  The important thing is to get it in writing.