I recommend to my clients to seek a loan modification if they can show that they can still afford a lower payment (this isn't a good option for those who cannot afford a lower payment - aka. loss of job and no income). As mentioned before it is never too late to ask for assistance... and I would also add that it is never too early. I know a gentleman who successfully worked out a loan mod, the bank dropped $30K off the principal of his loan and he had not been behind (he was able to show a large decrease in income).
The desired result of a loan modification is to provide the home owner with a payment they can afford. If you are currently meeting your obligation, the lender will want to know why you will no longer be able to afford your current payment, but verify that a lower payment will still be feasible for you. The gentleman I referred to was able to work directly with his lender. You can pay a third party to work out a loan mod, or you can contact them yourself. Lenders are being very responsive right now, and a lot of them receive an incentive for loan mods completed. Best of wishes!
Here is a link for Loan Modification Frequently Asked Questions: