Douglas Jacobs has an interesting article about seven myths that he sees as a California bankruptcy attorney. Specifically myths about modifications — bankruptcies — and foreclosures.
I agree, from an Alabama perspective on foreclosures, that doing a modification will not stop a foreclosure unless the mortgage company tells you. But then they often lie and we end up suing them after the foreclosure.
And modifications are not something that you are entitled to — more common to be denied than accepted.