Help with Litton Loan

[SuzieQ]

I am new to the site but from the information I have been reading, I believe I can get some valuable information. Our home loan started out with Option One and was transfered to Litton Loan. We have an interest only loan, our loan is for 256,000 in Louisiana. We have been making out payments of 1566 by the hardest each month. Husband is not working full time but is looking for a full time job; I am working a full time job but we have a lot of medical bills. I contacted Litton about payment plans, before I looked at this site. I was told that since we have not missed any payments, all we had to do was make our May payment before the month is out along with a late fee and we would be fine. I asked about how that would reflect on our credit, I was told as long as the payment is done before the month is out everything would be fine. I would like to start discussing a loan modification with Litton, but I don't know if we should right now because I loan is not defaulting; also I don't know how loan modification will effect our credit. If anyone can help I would appreciate any answers. Thanks