On a side note I see a lot of borrowers shortening the terms of their mortgage loans. Many customers who were in a 30 yr loan are refinancing for a 20 or 15 yr loan and slightly increasing their payment. This will help greatly improve the financial situation of many people. We shouldn't be trying help the people that failed to pay because they have proven time and time again that even if you help them they will eventually default.(see the results from the HAMP program). What we need to do is just find the best way to limit the amount of foreclosures flooding the market at the same time thus decreasing home values further.
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