Servicers participating in the Hope Now alliance provided loan workouts to a record 225,000 homeowners in October, up 13,000 from the September figure. At the current pace, Hope Now estimates that 2.2 million homeowners will avert foreclosure with the help of a loan workout from their loan servicer this year, an increase of 45% from 2007. Faith Schwartz, executive director of Hope Now, said the data shows that alliance members "are helping more homeowners avoid foreclosure than ever before." The October total included 103,000 loan modifications and 122,000 repayment plans, a monthly record for each category.
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