Will a mortgage company modify my loan for above 31% of my monthly income?

All you can do is try. There are still a lot of mortgage companies out there more than willing to continue with the creative financing which got you into the house in the first place. You may have to pay an outrageous amount of interest and try to cough up some pretty heavy closing costs, but if you shop around I'm sure you can find someone who is more than willing to let you start all over with another 30-year mortgage.