Good morning and thank you for that question.  The short answer is: Yes, sometimes it is a good option.  Allow me to expand on this though.

When seeking a loan modification it is always a good idea to start with your mortgage company.  Contact them using the number on your statement; you will be put in touch with the appropriate department which will be able to assist you.  The person at the mortgage company will inquire as to why you are seeking a loan modification and perhaps some basic financial questions regarding your current situation.  You will then be requested to complete some documents which illustrate your financial situation. 

Although this sounds like a simple process, remember you are not alone in seeking a loan modification.  Thousands and thousands of homeowners have found themselves in a situation where an adjustment in their mortgage payment is essential to being able to stay in their home.  In that light, seeking a loan modification can be a study in frustration for an individual.  This is where a third party loan modification company could be helpful.

Although these companies do ask for a fee up front for their services; they can cut down on the frustration level as they could be more experienced in contacting the bank and negotiating on your behalf.  Many of these are very good and repudable companies; while others will simply take your money and do nothing for you.  As in anything; check them out before you turn over your hard-earned dollars and speak to a couple companies.  Word-of-mouth is an excellent way to find a company as well; one would be surprised how others are (or were) potentially in a similar situation and may have a lead for a company that did a great job for them.

Best of luck to you.