Yet the $7 billion in “relief” is considered a „soft money“ fine, in which the bank will reduce some homeowners‘ mortgages. Very few homeowners are eligible for the refinancing pursuant to the settlement, AP reported. Those who are eligible may need to wait years to see any settlement aid, as payouts will be ongoing through 2018.

Those already in the hole following a lost home due to foreclosure or a short sale – when a lender takes less money for a home than what the borrower owes – are unlikely to benefit from the terms of the settlement.