The independent monitor was appointed to oversee compliance with the terms of
the settlement reached with Bank of America, JPMorgan Chase, Wells Fargo,
Citibank and Ally Bank, formerly GMAC. The monitor's report covers compliance
activities from March 1 to Sept. 30 and details how much relief Illinois
borrowers have received under the settlement.
In the first six months of the settlement's implementation, 11,273 Illinois
consumers have already received more than $779 million in relief in principal
reductions, refinancing for underwater loans and other relief. This equates to
an average of $69,168 in direct assistance per borrower. In an analysis of the
monitor's report, the attorney general's office determined that Illinois ranks
among the top five states for the amount of relief directed to homeowners.
"More than six months into the implementation of the settlement, the banks'
progress in providing the required relief couldn't come soon enough for
struggling homeowners. We continue to be inundated with requests for assistance
from Illinois homeowners," Madigan said.
Additional sources of assistance for Illinois homeowners
In addition to the direct relief for Illinois
borrowers, the attorney general's office has recovered money from the banks to
counteract the effects of historic levels of foreclosures on homeowners and
communities, including funding for legal aid services, housing counseling,
outreach to borrowers, housing policy development and community revitalization.
Madigan urged distressed Illinois homeowners to call their regional legal aid
office to learn more about the services and resources offered in their area:
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Homeowners with more questions about the national settlement should
contact Madigan's Homeowner Helpline at 866-544-7151, or visit
bankforeclosuresettlement.html. For more information, borrowers
also can visit
Stay on the lookout for scams
Madigan also urged caution by homeowners seeking relief and
warned them to be on the lookout for scammers trying to exploit
homeowners by indicating they may be eligible for settlement relief
or mortgage assistance if they make an upfront cash payment -- a
telltale sign that the offer is a scam.
Madigan has filed 50 lawsuits against these so-called mortgage
rescue schemes, in which the operators target desperate homeowners
on the verge of foreclosure, claiming that for a hefty upfront fee,
the scam operators can save a distressed borrower's home by
negotiating a deal with a homeowner's lender, when in realty, the
scammers do nothing as promised, causing the homeowner to fall
further behind on their mortgage and putting them on a faster track
Madigan urged struggling homeowners to avoid such solicited calls
and offers and instead to contact her Homeowner Helpline,
866-544-7151, for assistance in finding free, legitimate help
through a housing counselor certified by the U.S. Department of
Housing and Urban Development.
[Text from file received from the office
Illinois Attorney General Lisa