Attorney General Announces Mortgage Relief Funds

Illinois Attorney General Lisa Madigan today announced $4.7 million from the national foreclosure settlement fund is going to Chicago’s Legal Assistance Foundation.

She said the funds will provide much-needed help to homeowners struggling to save their homes in Chicago and suburban Cook County.

“This grant money will translate into real help for homeowners who otherwise never would have received it, because the need far exceeds the current legal aid resources,” Madigan said. “By ensuring that more homeowners in Chicago and suburban Cook County have an advocate, we can give more people a fighting chance to save their homes and help stabilize communities throughout the region.”

In the national settlement announced last February, 49 states joined together to wrest $25 billion  from five major US mortgage services accused among other abuses of widespread “robo-signing”- when institutions sign documents without assigning employees to review them.

Details on eligibility and other programs designed to help homeowners get loan modifications, principal loan reductions and fight foreclosure are at the AG’s website.

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