Illinois AG Provides $4.7M Grant To Fight Chicago Foreclosures

Posted by Orb Staff on August 29, 2012 No Comments
Categories : Mortgage Servicing

12291_lisamadigan Illinois AG Provides $4.7M Grant To Fight Chicago Foreclosures Illinois Attorney General Lisa Madigan has distributed $4.7 million in funding from the state's share of the National Mortgage Settlement to the Legal Assistance Foundation (LAF). The funds will be used to provide legal services to struggling homeowners in Chicago and suburban Cook County who are facing foreclosure.

According to Madigan's office, LAF will conduct outreach to distressed homeowners and provide a full range of legal services to prevent homeowners and renters from losing their homes. LAF will also help homeowners preserve their home equity and collaborate with courts to make improvements to the Cook County Foreclosure Mediation Program.

LAF will also use the funding to support the positions of nearly 20 attorneys and paralegals to expand legal services to more distressed homeowners and renters in subsidized housing, as well as to coordinate legal training seminars on foreclosure defense and consumer bankruptcy throughout the state.

‘This grant money will translate into real help for homeowners who otherwise never would have received it, because the need far exceeds the current legal aid resources,’ says Madigan. ‘By ensuring that more homeowners in Chicago and suburban Cook County have an advocate, we can give more people a fighting chance to save their homes and help stabilize communities throughout the region.’

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