 The monitor's report covers compliance activities from March 1 to Dec. 31, 2012,
and details how much relief Illinois borrowers have received under the
settlement. In the first 10 months of the settlement's implementation, 20,044
Illinois consumers have already received more than $1.44 billion in relief,
which equates to an average of $71,927 in direct assistance per borrower, in the
form of principal reductions, refinancing for underwater loans and other relief.
Significantly, of those receiving assistance in Illinois, nearly 2,400
homeowners received first-lien principal reductions averaging $114,809."This
latest progress report is encouraging," said Madigan. "When the national
settlement was announced, Illinois borrowers were projected to receive
approximately $1 billion in direct relief. Now, not even a year into the
implementation of the settlement, assistance for Illinois borrowers has already
surpassed that initial estimate. Thousands of families throughout Illinois have
received the lifeline they so desperately needed. What's also promising is that
thousands more Illinois borrowers are on track to receive assistance as mortgage
servicers continue to deliver what they promised."
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:
Chicago residents:
LAF (Legal Assistance Foundation of Metropolitan Chicago)
312-341-1070
http://www.lafchicago.org/
Northern and western Illinois residents
(outside Chicago):
Prairie State Legal Services
815-965-2134
http://www.pslegal.org/
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Southern Illinois residents:
Land of Lincoln Legal Assistance Foundation
618-398-0574
http://www.lollaf.org/office.html
Homeowners with questions about the national settlement can
contact Madigan's Homeowner's Helpline at 866-544-7151 or visit
www.illinoisattorneygeneral.gov/
consumers/bankforeclosuresettlement.html. For more information,
borrowers also can visit
www.nationalforeclosuresettlement.com.
Stay on the lookout for scams
Madigan also urged caution for 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 reality, the scammers do
nothing as promised, causing the homeowner to fall further behind on
their mortgage and putting them on a faster track toward
foreclosure.
Madigan urged struggling homeowners to avoid such unsolicited
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
of
Illinois Attorney General Lisa
Madigan]
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