What this mostly seems to amount to is a stalling tactic. Not that I blame the homeowners really, no one wants to lose their home.
It does emphasize though one of the problems that began this crisis. Mortgages were being bundled and sold to such an extent that in some cases the current mortgage owner has nothing more than a name and an address, much less a legal note. If nothing else, maybe this will make buyers and sellers a little more careful in transferring the proper documentation. That would have helped the current owners figure out what exactly they own and how much it is worth, a very large problem with this crisis.