Wisconsin homeowners are expected to receive $140 million as part of a national $25 billion settlement with the nation's biggest mortgage lenders over foreclosure abuses.

Gov. Scott Walker and Attorney General J.B. Van Hollen announced the terms Thursday as part of the settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

"Because of (the attorneys general) involvement, the national government followed our lead, and that has led to what I think is a substantial and incredibly consequential resolution of at least a portion of what we refer to as the foreclosure crisis," Van Hollen said.

Of Wisconsin's share, about $60 million in benefits will come from loan modifications and other direct relief. There will be about $17 million for those whose homes were foreclosed on and suffered servicing abuses between 2008 and the end of last year.

About $31 million will be available in refinancing benefits. The state will get about $31.6 million to be used for future lawsuits and additional relief to borrowers.

The money could help homeowners such as Cheryl Eveland, who has been living what she calls a nightmare.

"We had a crisis in 2009 during the first six months of the year, which put us behind a month, then two months, and during that time we were applying for a loan modification," Eveland said.

Working with Kate Sullivan at the Dane County Housing Authority, Eveland tried to catch up and get even with the bank. But after seven tries at a loan modification, she said her credit is ruined and her home is still in question.

"We have applied and applied and applied, and still nothing is done," Eveland said.

So she's interested in whether the nationwide settlement can help, and said she really only thinks it can if banks are held to new terms. Van Hollen said they will be.

"The people really have a court order behind them," said Van Hollen. "That is saying not only will these banks be responsive and transparent, they're going to be required to be proactive and reach out to you."

Sullivan said she's hopeful these are new measures and not the same she's been using to help homeowners at the Housing Authority.

"It's really important that something is different than the experiences people have had up to now," said Sullivan. "The process has taken an emotional, physical and of course financial toll on families."

Eveland, two and a half years into her battle, said she'll have to see it to believe it

The Wisconsin Attorney General's Office said banks are required to contact those eligible for help, but if people are wondering if they are eligible, they can contact the Consumer Protection hotline at 800-998-0700.

For more information on the mortgage settlement and how homeowners can get help, go to this website.

For More Info:

• Ally/GMAC Mortgage Customers Homeowner Assistance
• Bank Of America Home Loan Assistance
• Citi Homeowner Assistance
• JPMorgan Chase Homeowner Assistance
• Wells Fargo Homeowner Assistance