These agreements allow you to repay the missed payments over a short period of time.  The missed payments are included in your regular mortgage payments.  Your mortgage payments will be increased, not decreased.  This is not for everyone but is also an alternative to foreclosure.  In most situations, the bank will require you to go into a forbearance agreement for a few months before they agree to a modification.  However, this is a catch 22.  If you don't make the increased payments for a few months then you can't qualify for the modification, but there is no guarantee that you will qualify even if you make the payments.  That is why you must have the experience of johnnythelawyer behind you.