A new grant will help people struggling with foreclosure
There's new help for homeowners struggling with foreclosure.
Attorney general Lisa Madigan announces $4.5 million dollars will go to Prairie State Legal services to fund much-needed legal representation.
The Illinois Attorney General stopped in Rockford Wednesday to distribute funds from a national settlement. Back in February of this year the nation's five largest banks were required to pay 25-billion dollars to help with the foreclosure crisis.
Attorney General Lisa Madigan indicated that Prairie State Legal services, an agency that works to prevent wrongful evictions, will get a grant worth 4.5 million dollars over three years to help provide legal aid resources for people that qualify for assistance.
The national settlement addressed allegations of widespread "robo-signing" of foreclosure documents and other fraudulent practices banks engaged in while serving loans to struggling homeowners.
"It puts a stop to these unfair practices by requiring banks to follow strict new servicing rules that gives struggling home owners a fair chance to stay in their homes," said Illinois Attorney General Lisa Madigan.
Money from the settlement will go to hire 13 attorneys whose sole job will be to help people needing representation during the foreclosure process.
There is a hotline that has been set up for people wanting to learn more or to find out if they qualify, it's 1-866-544-7151.