Mortgage servicers provided 239,000 loan workouts in December, a record monthly total, with modifications accounting for a slim majority of the foreclosure prevention actions, according to Hope Now. Monthly workout volume has now exceeded 200,000 for four consecutive months, Hope Now said. For all of 2008, servicers worked out 2.3 million home loans to prevent foreclosure, Hope Now said. The alliance of servicers said the loan workout share of workouts, in which terms of a mortgage change, also increased. Modifications accounted for 122,000 of the December workout volume, exceeding the repayment plan share of workouts for the first time.
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