credit rating on a loan modification

[Mike Hummer]

I would like to know if your credit rating (score) is lowered or takes a hit if you ask your lender for a loan modification?. or apply for a modification.
I owe $190k with a property value of $75k There is no hardship in making the payments (owner occupied),but I would like to extend the loan to lower the payments ,then turn it into a rental that would cover the payments taxes and insurance..

[Josh Green]

many (most) times, the lender will not consider a loan modification until you have defaulted. so if you default, your credit will be damaged.

lenders want to make sure you have skin in the game. you signed a contract for the terms listed and if you want out of the original contract, you need to pay a premium.