Investors may or may not have a say in a loan modification program.  your personal loan documents will control the actual terms your situation.  At any rate the servicers make more money from your mortgage when you are late or behind then when you are current.   It can be the servicer that will hinder a modification of the mortgage.  A Chapter 13 Bankruptcy can force a bank to accept payments on arrearages in any secured debt (i.e. car or home)

Bundled Mortgages Pose Problems for Housing Program – by Karen Weise, ProPublica
Mortgage-backed securities are making it difficult for people to take advantage of the Making Home Affordable program. Part of the problem is that investors have a say in which loans get modified and which don’t.
http://www.propublica.org/ion/bailout/item/making-home-affordable-loan-modifications-denied-806