I would not recommend doing this!!!! We tried this back in 2007 and ended up selling our house as a short sale 6 months later. The "help" is not there.
We missed one payment on our mortgage. They restructured it and added a payment to the end of our loan. Great. That got us by for one month. The next month rolls around. We didn't have the money again. They told me that if I couldn't pay it, then they would rather see my home go into foreclosure. Now I should remind you that this was BEFORE everyone else and their brother started losing their houses, but still. So, I made the payment on my first mortgage, but not my second. There were penalties and late payments, but we didn't care, we just couldn't pay it. We kept hoping for a better month, but that time never came. I had a daycare and I just kept taking more and more kids to help pay for the house. Eventually, the monthly amount due on the second, was way more than we could afford and they made us catch up on it in order to avoid foreclosure. To make a long story short, we were always playing catch up. We stopped paying on both loans, secured a rental and left our home. We ended up short selling it, which is proving to not be the best choice either.
If you can't afford your house, I would recommend purchasing another home that you can afford now, while you are still current on your mortgage. Then, walk away. I am not a professional, so please seek any legal or financial advice prior to making a decision. We just found out the hard way that we can't purchase a home now for another two years. We were told that with a short sale we could purchase a new home within a year. Not true. We are now stuck in a house that is way TOO small and we are having a hard time finding a rental that is affordable. Just my two cents, hope this helps. I wish I had someone to give me advice when I was going through this. Best wishes!