Should I bother with Loan Modification?

I am current with my payments on mortgage, but am upside down in my loan. Talked to a loan officer who said my loan was too big (it’s over 413K) to do a re-fi under current programs. Received a mailer and called a company that said they could re-negotiate my loan for a much lower rate. (Loan Modification) Can they really accomplish this or is it a scam?

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