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AG Madigan earmarks $70M toward foreclosure help

Published: Sunday, Dec. 23, 2012 5:30 a.m. CDT

CHICAGO – Illinois Attorney General Lisa Madigan says her office is designating up to $70 million to help people and communities affected by the foreclosure crisis.

The money comes from the state's portion of a national foreclosure settlement with mortgage companies over allegations of fraudulent practices.

Madigan says the money will be used for counseling services for families. It also will provide relief to communities where properties were left vacant and abandoned.

Her office is seeking proposals on how to spend the money for housing counseling services for homeowners and renters and for neighborhood redevelopment. Proposals are due by Feb. 15.

Earlier this year, Madigan distributed $20 million in legal assistance for borrowers and renters. She said $3 million would be used to start county foreclosure mediation projects.

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