More than 5,000 Illinois Homeowners Receive Over $357 Million in Relief

According to a Chicago Tribune story published on August 29, 2012, more than $357 million in relief has made its way to 5,268 Illinois homeowners as of June 30, 2012. This is the result of the $25 billion national mortgage foreclosure settlement in February 2012 with the country’s five largest mortgage servicers-Bank of America, CitiMortgage, Ally Financial, JPMorgan Chase and Wells Fargo-over “shoddy foreclosure practices.” This information was in a report released on August 29 by the independent monitor of the settlement.

“I am cautiously encouraged by the initial progress reported by the independent monitor,” Attorney General Lisa Madigan told the Tribune. “We’re starting to see real results for Illinois families.”

The Tribune reported that Illinois ranks fourth in total number of borrowers who have received assistance, and the servicers reported that they granted $10.56 billion of relief nationally to 137,846 borrowers between March 1 and June 30.

Are you facing foreclosure? You may be able to delay or avoid foreclosure by filing Chapter 7 and Chapter 13 bankruptcy . If you would like to learn more about filing bankruptcy and the benefits of an automatic stay, complete the form on this page to let our Chicago bankruptcy lawyers review your case or contact our firm today at (866) 930-7482 to schedule a free consultation.

Benjamin Brand Services – Chicago bankruptcy lawyers

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