I understand that you want to help our fellow citizens who are having problems, but this won't do it. What will this accomplish?
Some people may be able to hold on to their houses, and many won't.
Banks will take a hit, dropping their income and ability to fund new mortgages.
By interferring with private contracts, you will make it less likely that banks will make new loans, and those that are made will now have an interest rate premium attached to it to make up for the losses you legislate.
The inability to finance houses will disrupt teh economy, making it harder for people to sell adn move, or to move here & finance a house.
By interferring with private contracts, you put a chill on any new business activity in the state. Every new company you want to attract will wonder if they are the next company to have arms-length negociated contracts set aside.
The law of unintended consequences strikes again. Just let the market work out these problems. Some people will lose their homes, but that will happen anyway. The only question is now or later.