HOPE Now, the industry group that modifies privately held mortgages is on track to complete one million modifications in 2011.  The alliance of mortgage servicers, investors, private mortgage insurers, and non-profit counselors completed 84,000 modifications in November, bringing the total for the year to date to 969,000.

The year-to-date number includes 330,303 modifications completed under the Home Affordable Modification Program (HAMP) as well as 639,000 proprietary modifications.

Of the November modifications, approximately 57,000 were proprietary and 26,877 were HAMP modifications.  Approximately 68 percent of the modifications involved reduced principal and interest payments and 66 percent of borrowers saw those payments reduced by 10 percent or more.

HOPE Now, one of the first institutional responses to the rising foreclosure rate in 2007 has completed 5.13 modifications since it began reporting data, 4.22 million of them proprietary.

 Executive Director Faith Schwartz announced that HOPE Now's plans for the first quarter of 2012 include outreach events in  Charlotte, Miami, Tampa, Las Vegas, Sacramento and Los Angeles and that the alliance will expand efforts to assist at-risk military homeowners.