Refinancing house mortgage loan?

I just mentioned my problem in my previous question – We bought house & have unfortunately lost our jobs and are now working on to see how we can cope up with our monthly mortgage payment. My question is : In case if we inform the company that we have lost our job and if they can help us to negotiage on interest rate or extend loan repayment time to make our monthly liability lesser…Do you guys know if this can help?
Some friends and elders have asked us ‘STRICTLY NOT TO LET the mortgage company know that we have lost jobs. This will put our creditiblity in question.
I need advise from someone who has either faced this problem before or if he is working for such company. Your advise is very valuable for me. Please guide me rightly my Yahoo! friends!
Thanks in Advance

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