Thursday, Nov 17 2011 6:56PM

HOPE NOW, an alliance of housing counselors, mortgage lenders, investors and others involved in the mortgage process and supporting homeownership, reports 4.97 million loan modifications have been completed since 2007. The organization estimates that if recorded trends have continued, the nation has likely passed the 5 million mark already.

The data counts mortgages modified from the beginning of 2008 through the third quarter of 2011, and includes more than 4.11 million proprietary mortgages. Also included are 856,974 modifications completed under the Home Affordable Modification Program. In the third quarter, an estimated 256,000 loan modifications took place.

Four out of five completed proprietary modifications have remained current on payments. The number of loans 60 days or more past due is down 11 percent compared to a year ago, and foreclosure starts are 15 percent lower.

"It is important for all stakeholders to continue to build on the hard work that has been done for homeowners during the past four year," HOPE NOW Executive Director Faith Schwartz said. "Success is achieved through outreach to non-contact borrowers, support and funding for the nonprofit counseling community and reasonable, effective government policy."

Schwartz noted the current housing crisis is far from over, saying further work is needed despite the promising results thus far.

For further reference, check out this source: HOPE NOW