Illinois Attorney General Lisa Madigan said $3 million in funding from the $25 billion national mortgage servicing settlement will be distributed to mortgage foreclosure mediation programs throughout the Midwest state.
The funding was distributed to the AG’s office after Madigan and other AGs reached a major settlement with servicers to resolve robo-signing and widespread foreclosure documentation issues.
“Effective mediation programs are proven to give homeowners a fighting chance to save their homes,” Madigan said. “Borrowers who’ve gone through foreclosure mediation have significantly better chances at receiving a loan modification and reaching a positive outcome.”
Madigan’s office also announced $20 million in grants for foreclosure legal assistance programs.
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