Homeowners Still Struggling With Mortgage Debt Payments

In its quarterly assessment of U.S. housing market trends, the Mortgage Banker's Association found one key indicator of future foreclosures dropped to pre-recession levels.

During the fourth quarter of 2010, the total number of consumers delinquent on home loan payments was at its lowest level since the end of 2008.

In addition, mortgages with only one payment late to creditors were observed to be at their lowest level since the end of 2007, the report said. Serious delinquencies - those 90 days or more past due - also saw decreases. This figure fell to 3.63 percent, down almost 28 percent from an all-time high of 5.02 percent in the first quarter of 2010.

"After remaining stubbornly high during the first half of 2010, first time claims for unemployment insurance fell during the second half of the year," said Jay Brinkmann, the MBA's chief economist. "Absent a significant economic reversal, the delinquency picture should continue to
improve during 2011."

While the report contained many positive developments, it also indicated many Americans are still having trouble making their mortgage payments and may be in danger of losing their home. Consumers who are overburdened with debt can benefit by seeking out government programs, such as the Hardest Hit Fund, which are available to struggling homeowners.