Illinois homeowners have received $1.4 billion in assistance from the national foreclosure settlement according to the latest report out by the compliance monitor. Attorney General Lisa Madigan says in the first 10 months of the settlement’s implementation 20,044 Illinois consumers have received more than $1.44 billion in relief, which equates to an average of $71,927 in assistance per borrower.
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The relief comes in the form of principal reductions, refinancing for underwater loans and other relief. “The latest progress report is encouraging,” Madigan said. She say initially the state was expecting to receive $1 billion in relies. “What’s so promising is that thousands more Illinois borrowers are on track to receive assistance as mortgage servicers continue to deliver what they promised.”
Madigan continues to caution residents to keep on the look out for scammers trying to take advantage of foreclosure situations. She says an upfront cash payment for assistance is a telltale sign of a scam.