Ask the lender to take the past due amount and add it to the principal balance, and then begin to make your regular monthly payments.
Ask the lender to take the past due amount, divide it up over the next 6-12 or 18-24 months, and add this to regular monthly payments.
Reduction of Interest rates
In both cases, ask the lender to reduce your interest rates. Ask them to give you a 30 year fixed if you have one of those ARMS.