When you need a loan modification, you really need one. It might be the only way to save your home and avoid foreclosure. Getting one is great, but what will the terms of your loan modification be? Will they be great, with a lower monthly payment that you can easily afford, or will they be bad and cause you to default again?
It depends. Loan modifications have as much variety as the mortgages they modify and the people who get them. No one can tell you what terms you will have until your bank offers you a final loan modification.
In fact, no one can guarantee that you will get a loan modification at all, much less that it will have certain terms.