Loan modification is a temporary solution for your mortgage. Most lawyers, brokers and other third party companies out there that are promising the world to homeowners just to make some extra money not really doing their job right.
Yes, Banks want to help you so you can pay your mortgage.
Banks dont want you to loose your home, but not because they care about you but because they dont want to loose money.
Banks will modify your loan for two years and you can get a great interest rate, but its only for 2 years or 3 years. What will happen with your property and your financials in couple of years? You dont know. So the same problem is coming back again and again.
If you cant afford your mortgage payment, get out of there now.
If you can afford the payments, but you want a little better payments to save more money than loan modification can be good for you.
Always think for the long run, dont think about tomorrow only because loan modification in 90% of their cases are temporary.