According to Clark Howard beware of temporary loan modifications. This is when a lender might ask you to only pay half of your usual payment for several months. But despite this being the lender's recommendation, some banks subsequently report you as delinquent in your payments. This reflects poorly on banks so even under a temporary modification agreement, you need to verify with the bank - and get it in writing - whether or not you will be reported as delinquent if you choose to go through with it.
According to Clark Howard if you are already drowning and haven't stayed current, a temporary modification could honestly be a waste of your time and effort. Finally, will a modification really help or is it just delaying the inevitable?