According to HOPE NOW’s numbers, lenders are modifying mortgages at a faster pace than they’re repossessing homes. The congressionally formed alliance of foreclosure counselors, mortgage servicers, and investors said Wednesday that the industry’s home loan workouts for the year surpass the number of foreclosure sales completed by a ratio of three to one.

HOPE NOW reported Wednesday that to date in 2009, its members have provided 2,640,000 modifications and repayment plans to homeowners at risk. That’s in addition to the 650,000 trial modifications implemented through the Making Home Affordable Program (HAMP).

When you tally things up, HOPE NOW says total mortgage workout solutions in 2009 have exceeded 3.3 million, versus an estimated 783,000 actual foreclosure sales.

And this number doesn’t account for other preventative solutions such as refinancing, short sales, and deeds in lieu, the organization noted.

Still, despite an unprecedented use of government and private industry resources, HOPE NOW says unemployment and the weakened economy make it challenging for homeowners at-risk who want to remain in their homes.

According to Faith Schwartz, executive director of HOPE NOW, the industry is working overtime to stem the tide of foreclosures. “Our number one priority is to convert HAMP modifications, but also do our best to help borrowers with all solutions available. This sometimes means a graceful exit via short sale or deed in lieu if a borrower has no other options,” Schwartz said.

Since HOPE NOW began collecting loan workout information back in July 2007, its data shows that the industry’s efforts, including modifications and repayment plans, have staved off foreclosure for 5.8 million distressed homeowners. During that time, of the 5.7 million foreclosures started, only 2 million have actually been pushed through to foreclosure sale.

In the month of October 2009 alone, HOPE NOW reported that 94,450 foreclosure sales took place nationwide, while reworked mortgages were provided to 271,563 borrowers.