Up to $3 Million Headed for Foreclosure Mediation

Money part of a $25 billion federal settlement

Francis Son

As much as $3 million from a national foreclosure settlement is expected to fund foreclosure mediation programs in Illinois counties that do not already have them, Illinois Attorney General Lisa Madigan announced Tuesday.

The announcement comes about a month after Madigan announced $1 billion of the settlement is headed for homeowners harmed by fraudulent foreclosures.

The mediation programs give homeowners a "fighting chance to save their homes" through programs like loan modifications, Madigan said.

The money is available for multi-year grants to qualifying tax-exempt organizations.

Applications are due Aug 15. Madigan has complete information on her website at IllinoisAttorneyGeneral.gov.

Copyright AP - Associated Press
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