The most common loan workout or loan modification is resolving a loan default is to work out a “Repayment Plan” which will let you pay a percentage down as a good faith (approx. 30-50%) repay part of the late fees each month, along with you regular monthly payment. This is the most widely accepted solution by lenders to avoid a mortgage foreclosure.
When approaching your lender you will need to prove income vs. your expenses to show the lender what payment will work with your current income along with what you can pay now to show good faith. You must show that you had some temporary set backs but you are now back on track financially and your situation has stabilized.