Okay, I misread that. I thought you were trying to modify the second.
I do not know if subsequent modifications require missed payments or not. (Some banks simply wont make reductions while you are current.) If you have missed payments, start saving them for any negotiation against the modification. It shows security as far as guaranteeing future performance and to my knowledge, at least under former HAMP, you could rebuild your savings and still qualify for the modification.
I am not sure what you mean by 31%. Are you stating that your payment is 31% of your income now? If so, you won't see much reduction, but you might get a "forbearance" instead which would spread out past due over a certain period of time. (An example would be to spread 3000 over 3 months at 1000/per month - or over 10 mo's at 300/mo) These are usually unaffordable, unless you have a certain amount of money in the bank (savings) that can reduce it.
I am not a VA expert but these are the typical options. The VA has certain rules and a denial usually can be appealed. A modification capitalizes the past due. (adds the 3000 past due to the principal) A forbearance does not. With Wells Fargo, always double-check the math.
Also, in today's environment it is unlikely to see more than a 10% reduction in a modification. Some have even gone to higher payment versus a reduction. If interest rates are more favorable you may get a break if you get one. You really won't know until you apply what they will offer.