Mortgage modifications for Americans neared 2 million last year, with most being performed by private mortgage services.
Data released on Wednesday by the private coalition of mortgage lenders HOPE NOW shows that 1.76 million mortgages had loan modifications last year. About two-thirds of those were performed by private companies and one-third through the federal governments Home Affordable Modification Program (HAMP).
There were 1.24 million loan modifications in 2009. The jump shows that more homeowners are exploring their options before succumbing to foreclosure.
2010 was a very challenging year for the housing market, but HOPE NOWs data continues to support the fact that significant strides have been made to avail homeowners of all options before going to foreclosure, Faith Schwartz, Executive Director of HOPE NOW, said in a statement.
