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The reason I do not promote using a modification company is because the FTC is currently going after many of these companies for fraud. If you feel you cannot work out new loan modification terms with your current lender yourself then having an expert handle the matter sounds great. But before you pay anyone else to assist you with your loan modification you may want to go to the Federal Trade Commission's website and see their warnings regarding some loan modification companies. Simply search 'modification' (www.ftc.gov)
It really depends on your lender. Loan modifications are not always very easy to obtain. The reason appears to be that most banks or servicing companies are not able to handle all the modification requests. I would never recomend using an outside modification company. Save yourself some money and call your lender yourself. You may want to read through some of the other loan modification posts here on Zillow listed under 'Mortgage' This will bring you up to speed on the modification process.
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