The Hope Now alliance of servicers and lenders said Monday that it plans to double its loan modifications in 2009.
"Depending on unemployment and other economic conditions, this could increase the number of modifications to 2 million or more next year," the group said.
The alliance also plans new outreach efforts and enhanced loan-level reporting.
Hope Now announced its members performed 107,925 repayment plans, 99,823 modifications, and 207,648 workout plans overall in November.
Though repayment plans still outnumber modifications, the rate of increase for modifications outpaced payment plans. Over the past three months, the number of modifications has increased almost 29%, while the number of payment plans increased by 6%. Almost 62% of subprime mortgages with a workout in November were modified, the group said.
There were 69,075 foreclosure sales in November, bringing the ratio of modifications to foreclosure sales to 1.45%.