The new data provided by the Hope Now alliance show that servicers completed 188,670 mods based on the Treasury Department’s Home Affordable Modification Program specifications, down 47% from a year ago.
The same servicers completed 661,363 proprietary modifications, in 2012, down just 3% from a year ago.
Overall, the servicers completed 1.05 million modifications in 2012, down 19% from 2011.
The new December Hope Now report also shows that servicers completed 422,600 short sales in 2012, up nearly14% from the previous year.
“For the year, almost $1.3 million people received a permanent alternative—via loan modification or short sale,” said Hope Now executive director Eric Selk.
Meanwhile, foreclosure starts totaled 1.92 million in 2012, down 15% from 2011, and foreclosure sales declined 7% to nearly 779,200.