Mortgage modification?

[Gomesfan]

 I was wondering if anyone out there has received a modification, I have looked into and have been approved for a modification and it will cut my payment in half at the 2% locked rate they are offering for the full term of the loan but I haven't signed the agreement yet. The main reason I received the mod is I severely injured my back and will not be working for a long time and I am self employed and don not receive disability.
The reason I haven't signed the papers is I have a few questions and I was wondering if any one out there knows the answers? So here are some of the question.......

1. Does it affect my credit?

2. Can I rent the house?

3. Can I get a home equity loan in the future to work on the house?Or will this affect the modification even if I get the loan from a different lender?

So if anyone can answer these question I would appreciate it.
Thanks

[Eja117]

I was wondering if anyone out there has received a modification, I have looked into and have been approved for a modification and it will cut my payment in half at the 2% locked rate they are offering for the full term of the loan but I haven't signed the agreement yet. The main reason I received the mod is I severely injured my back and will not be working for a long time and I am self employed and don not receive disability.
The reason I haven't signed the papers is I have a few questions and I was wondering if any one out there knows the answers? So here are some of the question.......

1. Does it affect my credit?

2. Can I rent the house?

3. Can I get a home equity loan in the future to work on the house?

So if anyone can answer these question I would appreciate it.
Thanks

I don't own a house, but if I understand correctly

1 I'm almost positive it affects you

2 I'm pretty sure you can rent it out

3 If you have any equity you should be able to get this, but it may depend on a lot of factors such as how much you make, how much you want etc

[mkogav]

http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf

According to this document, no rentals. You must be the living there and it's not an investment property.

I would doubt it's a black mark/lowers your credit score. It should actually help, e.g. easier on-time payments (no implication to you, just a generality)

Home equity line should be 'ok' once the modification is closed, but you may want to ping a bank or mortgage company. They would know for sure.

Mk

[Gomesfan]

TP for you guys, thanks for the advice.