Thousands of Illinoisans to share mortgage relief - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News-

Thousands of Illinoisans to share mortgage relief

Posted:

Chicago -- Nearly 30,000 Illinois borrowers will soon receive checks as part of a landmark multistate settlement with five U.S. banks over foreclosure abuses.

 

Illinois Attorney General Lisa Madigan announced Monday that borrowers can expect a total of $43.3 million in relief payments. The average check will be about $1,500.

 

Eligible borrowers lost their homes to foreclosure from 2008 through 2011 and had their mortgages financed by Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC.

 

The settlement stemmed from a lawsuit over allegations of fraudulent practices by the lenders.

 

The settlement administrator says every borrower who filed a claim will receive a letter regarding their outcome.

 

Illinois borrowers have received more than $1.8 billion in relief through principal reductions and refinancing for underwater loans.

Most Popular

Stories
Videos
loading...
  • Current Events

Powered by WorldNow

904 South Side Drive
Decatur, IL 62521
Primary Phone: 217-424-2500
Primary Email: news@wandtv.com

All content © Copyright 2000 - 2014, WorldNow and WAND. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms