Now as concerns mortgage delinquency, you should know that according to a recent industry survey, the rate at which mortgage payments have fallen behind has slowed down a little during the fourth quarter of 2009.  This has surprised many analysts because delinquency typically rises during the last three months of the year, what with all the expenses brought about by the onset of winter and the gift-giving season.  Optimists hope that this is a sign that the foreclosure crisis may be finally just beginning to start to attempt to timidly come around to something resembling an end of sorts.  =)

Of course, there are also those economists and other such experts who believe that the situation is still extremely grave, as there are still record numbers of homeowners in financial distress.  The big problem is that way too many have missed at least three payments, and these are precisely those who are least amendable to the variety of mortgage relief programs available.  These are the very people who will be going into foreclosure.  The government has recently announced an additional five and a half billion dollars in aid, with funds directed to states such as California and Florida, which data show to be where the majority of the troubled loans were made.

Economists believe that foreclosures could reach their highest levels by the end of the year, especially if unemployment rates peak in the middle of the year.  Worse yet, foreclosure rates will probably stay at those elevated levels as borrowers continue to struggle in regions where drastic price declines have made many homes worth less than the money owed on them.

In recognition, the government has again stepped in on behalf of those with little or no equity in their homes, extending  a refinancing program that has posted little progress in over a year.  Many experts express skepticism.  After all, it’s been well over two years into the economic debacle and still no one has any evidence at all as of yet that the end is in sight, or even could be right now.  Indeed, many borrowers have problematic situations that do not easily lend themselves to tidy remedies.  For example, refinancing costs can render any interest rates lowered not particularly worthwhile, especially when the borrower is at risk of further financial difficulties such as being laid off.