Many modifications are done outside of the requirements mandated by the government's plan. Bank of America, for example, has 136,994 active trial modifications underway under the government's program, covering 14% of the eligible homeowners who are 60 or more days delinquent on their home loan.

But outside the government program, Bank of America says it has on its own modified more than 450,000 customer loans since 2008, including more than 220,000 completed loan modifications this year.

Some housing advocates, however, are hoping for more federal efforts in preventing foreclosures.

On Nov. 18, housing advocates have scheduled a meeting in Washington, D.C., to formally call for additional programs, including a one-year moratorium on foreclosures for unemployed and underemployed homeowners and those who provide evidence of predatory lending.