HOPE NOW -- a coalition of loan servicers, mortgage insurers, investors, and nonprofit counselors -- reports that U.S. homeowners benefited from 768,000 modifications last year. Some 592,843 of those workouts were proprietary in nature, with another 175,076 completed under the federal government's Home Affordable Modification Program. The new numbers bring to 6.84 million the total number of mortgage modifications done since 2007.
HOPE NOW's statistics additionally reflect declines in foreclosure starts, completed foreclosure sales, and serious mortgage delinquencies compared to 2012 levels.
"The mortgage industry is able to provide at-risk homeowners with a multitude of solutions, which has resulted in more sustainable outcomes, according to HOPE NOW executive director Eric Selk. "More than eight million non-foreclosure solutions have been completed since we began tracking data in 2007, with more than a million accomplished this year alone."