Sep
11

$4.7 Million Grant will Assist Chicago Area Homeowners

September 11, 2012

4.7 million grant will assist chicago area homeownersIllinois Attorney General Lisa Madigan recently announced a $4.7 million grant that will offer free legal assistance to homeowners in Chicago and suburban Cook County. The grant funding is provided by the Legal Assistance Foundation of Metropolitan Chicago which will provide legal services to homeowners who are struggling to avoid foreclosure.

LAF has been in operation for more than 40 years and employs more than 80 full-time attorneys who help resolve a variety of legal problems, including foreclosures and unfair evictions.

The Chicago-based non-profit will assist homeowners who want to preserve their home equity and will conduct legal training seminars on foreclosure defense and consumer bankruptcy. The organization will also make improvements to the Cook County Foreclosure Mediation Program.

The $4.7 million grant is part of a nationwide $25 billion settlement that Madigan secured last February with five of the nation’s largest mortgage servicers. The settlement stemmed from allegations that banks were using fraudulent practices while servicing the loans of struggling homeowners and $1 billion overall is expected to come to Illinois homeowners who are at high risk for foreclosure or who are underwater with their mortgage.

Madigan believes that giving Chicago area residents a chance to save their homes will help strengthen communities throughout Cook county. As funding is distributed, homeowners will be more successful in avoiding foreclosure, since it is very difficult to prevent foreclosure without legal aid.

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