Total mortgage workouts this year have exceeded 3.3 million, versus an estimated 783,000 actual foreclosure sales, HOPE NOW reports.
The workout total does not account for other preventative solutions, such as refinancing, short sales and deeds in lieu.
A statement from the organization – a coalition of servicers, investors and nonprofits – stresses that while the federal Home Affordable Modification Program (HAMP) is the most visible loss mitigation tactic, servicers deploy a range of other workout options.
In turn, HOPE NOW says it will revise its data reporting to complement the Treasury's monthly HAMP performance report. Currently, HOPE NOW only reports on HAMP modifications when they become permanent. Going forward, the goal will be to focus on all activities that fall outside of HAMP.
It is expected that any new reporting from HOPE NOW will take place in the first quarter of 2010.
SOURCE: HOPE NOW