30K IL borrowers to share mortgage relief in landmark settlement - FOX 10 News | myfoxphoenix.com

30K Ill. borrowers to share mortgage relief in landmark settlement

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CHICAGO (Associated Press) -

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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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