I would follow the advice of your attorney. He or she should have experience negotiating loan modifications.
The content of this answer should not be relied upon or used as a subsitute for consultation with professional advisors and it should be clearly understood that no attorney-client privilege has been created. A more complete answer and/or more accurate answer can only be provided in a more thorough examination of the facts in a consultation with my firm.
If you have an attorney, you should ask your attorney.
Do you want accurate, personalized, legal advice that you can rely on? You will have to hire an attorney, not ask on Avvo. I am not your attorney and am not creating an attorney-client relationship by this post. I am therefore giving only general advice. This advice may not apply to you or your situation; may not take account of all possibilities, and may not match the advice I would give to a client. DO NOT rely on this advice or any other advice on Avvo to make your legal decisions. If you want an answer to a legal question you should retain an attorney who is licensed in your state.
I recommend that you disclose any concerns regarding a lis pendens with the attorney already working with you on the modification so that they can determine if and how it might impact the lender's decision to approve the modification. Best of luck to you.
This "answer" is for information purposes only and is not intended as legal advice or to create an attorney-client relationship.