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IlLINOIS AG ANNOUNCED $1 MILLION SETTLEMENT WITH SAFEGUARD PROPERTIES

Safeguard Properties, LLC has entered into a settlement with the Attorney General for the State of Illinois to pay $1 million dollars and to comply with 40 operating procedures when conducting inspections of homes in default or facing foreclosure. It is about time but if I were Lisa Madigan I would have held out for more money.

Justice League

Homeowners Illegally Locked Out of Homes to Receive Restitution

Chicago — Attorney General Lisa Madigan today announced a $1 million settlement with Safeguard Properties LLC over allegations the company illegally locked Illinois residents out of their homes before a foreclosure was finalized.

Under Madigan’s settlement, Safeguard, a Delaware corporation based in Ohio, must pay $1 million, nearly all of which will be paid to Illinois residents who filed complaints over Safeguard’s practices. Safeguard must also follow 40 operating standards in conducting inspections and other services relating to Illinois properties set by Madigan’s office to ensure homeowners’ rights are protected.

Safeguard is the largest company in the country hired by mortgage lenders to determine whether homeowners in default or facing foreclosure are living in their homes. If a property is deemed vacant, Safeguard is responsible for securing and maintaining the property to ensure it does not lose value after it is…

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