What the mortgage settlement means to you

What the mortgage settlement means to you

If you are underwater on your home or struggling to pay your mortgage, you are probably wondering whether you can expect relief under a $25 billion settlement reached by state and federal officials with the nation’s biggest banks.

The short answer is, you probably won’t know right away.

According to details laid out on a new “National Mortgage Settlement” website, the payments and other relief will be made over a three-year period and “borrowers will not immediately know” whether they are eligible.

Read More on MSNBC.com…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.